The degree of IPO underpricing in China  

作　　者：XIU Shi-yu LI Chang 

机构地区：[1]School of Economics and Management, Tsinghua University Beijing 100084, China

出　　处：《Journal of Modern Accounting and Auditing》2008年第4期32-35,43,共5页现代会计与审计（英文版）

摘　　要：This paper studies the IPO underpricing in the emerging stock market of China. The empirical results reveal that in China, the degree of IPO underpricing measured by first-day return is more than 100%, which is a prevailing phenomenon for almost all IPO firms, regardless of the IPO time and the industry of the firm The degree of IPO underpricing in China is larger than the IPO initial returns documented in almost all the other countries. This considerable underpricing in China can hardly be explained by the information asymmetry theory and agency theory.

关 键 词：IPO UNDERPRICING information asymmetry 

分 类 号：F832.51[经济管理—金融学] F723