Could the introduction of high-speed railway inhibit the IPO underpricing in China?

References

• Akerlof, G. A. 1997. “Social Distance and Social Decisions.”Econometrica. 65 (5): 1005-1027. doi:10.2307/2171877.
   Google Scholar
• Akyol, A. C., T. Cooper, M. Meoli, and S. Vismara. 2014. “Do Regulatory Changes Affect the Underpricing of European IPOs?” Journal of Banking & Finance 45: 43–58. doi:10.1016/j.jbankfin.2014.04.020.
   Web of Science ®Google Scholar
• Autant‐Bernard, C., P. Billand, D. Frachisse, and N. Massard. 2007. “Social Distance versus Spatial Distance in R&D Cooperation: Empirical Evidence from European Collaboration Choices in Micro and Nanotechnologies.” Papers in Regional Science 86 (3): 495–519. doi:10.1111/j.1435-5957.2007.00132.x.
   Web of Science ®Google Scholar
• Azevedo, A., Y. Guney, and J. Leng. 2018. “Initial Public Offerings in China: Underpricing, Statistics and Developing Literature.” Research in International Business and Finance 46: 387–398. doi:10.1016/j.ribaf.2018.04.011.
   Web of Science ®Google Scholar
• Beatty, R. P. 1989. “Auditor Reputation and the Pricing of Initial Public Offering.” The Accounting Review 64 (4): 693–709.
   Web of Science ®Google Scholar
• Beatty, R. P., and J. R. Ritter. 1986. “Investment Banking, Reputation, and the Underpricing of Initial Public Offerings.” Journal of Financial Economics 15 (1): 213–232. doi:10.1016/0304-405X(86)90055-3.
   Web of Science ®Google Scholar
• Boeh, K. K., and C. Southam. 2011. “Impact of Initial Public Offering Coalition on Deal Completion.” Venture Capital 13 (4): 313–336. doi:10.1080/13691066.2011.642148.
   Google Scholar
• Boulton, T. J., S. B. Smart, and C. J. Zutter. 2011. “Earnings Quality and International IPO Underpricing.” The Accounting Review 86 (2): 483–505. doi:10.2308/accr.00000018.
   Web of Science ®Google Scholar
• Busaba, W. Y., L. Guo, Z. Sun, and T. Yu. 2015. “The Dark Side of Cross-listing: A New Perspective from China.” Journal of Banking & Finance 57: 1–16. doi:10.1016/j.jbankfin.2015.04.004.
   Web of Science ®Google Scholar
• Chang, X., A. F. Gygax, E. Oon, and H. F. Zhang. 2008. “Audit Quality, Auditor Compensation and Initial Public Offering Underpricing.” Accounting & Finance 48 (3): 391–416. doi:10.1111/acfi.2008.48.issue-3.
   Web of Science ®Google Scholar
• Chen, Y., S. S. Wang, W. Li, Q. Sun, and W. H. Tong. 2015. “Institutional Environment, Firm Ownership, and IPO First-day Returns: Evidence from China.” Journal of Corporate Finance 32: 150–168. doi:10.1016/j.jcorpfin.2015.03.002.
   Web of Science ®Google Scholar
• Choi, J. H., J. B. Kim, A. A. Qiu, and Y. Zang. 2012. “Geographic Proximity between Auditor and Client: How Does It Impact Audit Quality?” Auditing: A Journal of Practice & Theory 31 (2): 43–72. doi:10.2308/ajpt-10241.
   Web of Science ®Google Scholar
• Dong, X. 2018. “High-speed Railway and Urban Sectoral Employment in China. Transportation Research Part A.” Policy and Practice 116: 603–621.
   Google Scholar
• Dong, X., S. Zheng, and M. E. Kahn. 2018. The Role of Transportation Speed in Facilitating High Skilled Teamwork. National Bureau of Economic Research. NBER Working Paper No. w24539, Xiamen University.
   Google Scholar
• Fan, G., X. Wang, and H. Zhu, 2017. The Marketization Index in China: The 2017 Report on the Relative Process of Marketization of Each Region. The Economic Science Press, Beijing, China  (in Chinese).
   Google Scholar
• Hogan, C. E. 1997. “Costs and Benefits of Audit Quality in the IPO Market: A Self-selection Analysis.” Accounting Review 72 (1): 67–86.
   Web of Science ®Google Scholar
• Jensen, K., J. M. Kim, and H. Yi. 2015. “The Geography of US Auditors: Information Quality and Monitoring Costs by Local versus Non-local Auditors.” Review of Quantitative Finance and Accounting 44 (3): 513–549. doi:10.1007/s11156-013-0416-2.
   Web of Science ®Google Scholar
• Ke, X., H. Chen, Y. Hong, and C. Hsiao. 2017. “Do China’s High-speed-rail Projects Promote Local economy?—New Evidence from a Panel Data Approach.” China Economic Review 44: 203–226. doi:10.1016/j.chieco.2017.02.008.
   Web of Science ®Google Scholar
• Lin, Y. 2017. “Travel Costs and Urban Specialization Patterns: Evidence from China’s High Speed Railway System.” Journal of Urban Economics 98: 98–123. doi:10.1016/j.jue.2016.11.002.
   Web of Science ®Google Scholar
• Liu, J., K. Uchida, and R. Gao. 2014. “Legal Protection and Underpricing of IPOs: Evidence from China.” Pacific-Basin Finance Journal 27: 163–187. doi:10.1016/j.pacfin.2014.02.006.
   Web of Science ®Google Scholar
• Liu, X., and J. R. Ritter. 2011. “Local Underwriter Oligopolies and IPO Underpricing.” Journal of Financial Economics 102 (3): 579–601. doi:10.1016/j.jfineco.2011.01.009.
   Web of Science ®Google Scholar
• Ljungqvis, A. 2007. “IPO Underpricing.” Chap. 7 in Vol. 1 of Handbook of Empirical Corporate Finance, Handbooks in Finance, edited by B. Espen Eckbo, 375–422. North Holland, NY: Elsevier.
   Google Scholar
• Mok, H. M., and Y. V. Hui. 1998. “Underpricing and Aftermarket Performance of IPOs in Shanghai, China.” Pacific-Basin Finance Journal 6 (5): 453–474. doi:10.1016/S0927-538X(98)00023-7.
   Google Scholar
• Ritter, J. R. 1984. “the” Hot issue” Market of 1980.” Journal of Business 57: 215–240. doi:10.1086/jb.1984.57.issue-2.
   Web of Science ®Google Scholar
• Ritter, J. R., and I. Welch. 2002. “A Review of IPO Activity, Pricing, and Allocations.” The Journal of Finance 57 (4): 1795–1828. doi:10.1111/1540-6261.00478.
   Web of Science ®Google Scholar
• Shao, S., Z. Tian, and L. Yang. 2017. “High Speed Rail and Urban Service Industry Agglomeration: Evidence from China’s Yangtze River Delta Region.” Journal of Transport Geography 64: 174–183. doi:10.1016/j.jtrangeo.2017.08.019.
   Web of Science ®Google Scholar
• Song, F., C. B. Cadsby, and Y. Bi. 2012. “Trust, Reciprocity, and Guanxi in China: An Experimental Investigation.” Management and Organization Review 8 (2): 397–421. doi:10.1111/j.1740-8784.2011.00272.x.
   Web of Science ®Google Scholar
• Tian, L. 2011. “Regulatory Underpricing: Determinants of Chinese Extreme IPO Returns.” Journal of Empirical Finance 18 (1): 78–90. doi:10.1016/j.jempfin.2010.10.004.
   Web of Science ®Google Scholar
• Vismara, S., S. Paleari, and J. R. Ritter. 2012. “Europe’s Second Markets for Small Companies.” European Financial Management 18 (3): 352–388. doi:10.1111/eufm.2012.18.issue-3.
   Web of Science ®Google Scholar
• Zheng, S., and M. E. Kahn. 2013. “China’s Bullet Trains Facilitate Market Integration and Mitigate the Cost of Megacity Growth.” Proceedings of the National Academy of Sciences 110 (14): E1248–E1253. doi:10.1073/pnas.1209247110.
   PubMed Web of Science ®Google Scholar