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Applied Economics Letters Volume 22, 2015 - Issue 14
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Original Articles

The impact of pricing mechanism reform on underpricing of initial public offerings in China

Danlin PuBusiness School of Hunan University, 410079Changsha, ChinaCorrespondence[email protected]
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Shanping WangBusiness School of Hunan Normal University, 410012Changsha, ChinaView further author information
Pages 1144-1149 | Published online: 13 Feb 2015

References

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  • Benveniste, L. M. and Spindt, P. A. (1989) How investment bankers determine the offer price and allocation of new issues, Journal of Financial Economics, 24, 343–61. doi:10.1016/0304-405X(89)90051-2
  • Breusch, T. S. and Pagan, A. R. (1979) A simple test for heteroscedasticity and random coefficient variation, Econometrica, 47, 1287–94. doi:10.2307/1911963
  • Derrien, F. and Womack, K. L. (2003) Auctions vs. bookbuilding and the control of underpricing in hot IPO markets, Review of Financial Studies, 16, 31–61. doi:10.1093/rfs/16.1.31
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  • Ritter, J. R. (1988) Initial public offerings, Contemporary Finance Digest, 2, 5–30.
  • Sherman, A. E. (2000) IPOs and long term relationships: an advantage of bookbuilding, Review of Financial Studies, 13, 697–714. doi:10.1093/rfs/13.3.697
  • Sherman, A. E. and Titman, S. (2002) Building the IPO order book: underpricing and participation limits with costly information, Journal of Financial Economics, 65, 3–29. doi:10.1016/S0304-405X(02)00133-2
  • Tian, L. G. (2005) Financial regulations, investment risks, and determinants of Chinese IPO underpricing, Working Paper, Peking University Management School and London Business School, Peking.
  • Yu, T. and Tse, Y. K. (2006) An empirical examination of IPO underpricing in the Chinese A-share market, China Economic Review, 17, 363–82. doi:10.1016/j.chieco.2005.07.001

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