Growth Enterprise Board Initial Public Offerings:Characteristics,Volatility and the Initial-day Performance  

作　　者：Haifeng Guo Hung-Gay Fung 

机构地区：[1]Department of Applied Economics, School of Management, Harbin Institute of Technology, Harbin, China [2]Tsiang Professor of Chinese Studies, College of Business Studies and Center for International Studies, University of Missouri-St. Louis, St. Louis, USA

出　　处：《China & World Economy》2011年第1期106-121,共16页中国与世界经济（英文版）

基　　金：the Social Science and Humanity Research Fund of the Chinese Ministry of Education(10YJC790070);the National Natural Science Foundation of China(71031003)

摘　　要：We use the Chinese initial public offering data from October 2009 to August 2010 to examine the newly-established growth enterprise board （GEB）. The results indicate that the GEB has been successful and is providing a viable channel for new small and medium-sized firms to raise external capital. Four variables, the volatility variable, the turnover ratio, the winning lottery ratio and the price-earnings ratio, are important factors driving the initial- day returns in the regression analysis. The implementation of the new trading-halts policy on the GEB is found to be effective in mitigating excessive speculation. Our analysis results could be used by policy-makers to gauge the effects of policy changes on the underpricing of the initial public offerings of the GEB.We use the Chinese initial public offering data from October 2009 to August 2010 to examine the newly-established growth enterprise board （GEB）. The results indicate that the GEB has been successful and is providing a viable channel for new small and medium-sized firms to raise external capital. Four variables, the volatility variable, the turnover ratio, the winning lottery ratio and the price-earnings ratio, are important factors driving the initial- day returns in the regression analysis. The implementation of the new trading-halts policy on the GEB is found to be effective in mitigating excessive speculation. Our analysis results could be used by policy-makers to gauge the effects of policy changes on the underpricing of the initial public offerings of the GEB.

关 键 词：Chinese initial public offerings regulation trading halts UNDERPRICING 

分 类 号：F832.51[经济管理—金融学] G215[文化科学—新闻学]