A theoretical analysis of IPO underpricing  

作　　者：XIU Shi-yu LIU Chang 

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

出　　处：《China-USA Business Review》2008年第4期1-3,24,共4页美中经济评论（英文版）

摘　　要：This paper provides a theoretical analysis of IPO underpricing and some testable hypotheses. Our model suggests that the IPO underpricing phenomenon can be explained by information asymmetry theory and agency theory in mature security market where market determines issuing price, but not in China＇s developing market where restrictions on issuing price exist. The IPO underpricing is actually a problem of asset pricing in China.

关 键 词：IPO UNDERPRICING information asymmetry 

分 类 号：F0[经济管理—政治经济学]