Along with the European Union,policymakers in Turkey passed a regulation that mandated all listed companies use the International Financial Reporting Standards(IFRS)starting from January 1,2005.Using a before-after es...
supported by the‘‘111”project funded by the Ministry of Education of China and the State Administration of Foreign Experts Affairs of China[grant number B18043]
In this study,we use initial public offerings(IPOs)in China to investigate how online stock forums influence information asymmetry and IPO valuation.The empirical analysis isolates the underpricing and overvaluation c...
funding support from the Ph.D. Programs Foundation of the Ministry of Education of China (Grant no.20130161110045)
This study examines the relationship between accruals quality and the underpricing of corporate bonds in China and how underwriter reputation affects this relationship.We?nd that(1)accruals quality is negatively assoc...
Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and...
supports from National Natural Science Foundation of China(71361005)。
Background:Compared with the fixed-price mechanism,the bookbuilding mechanism has not changed the Chinese IPO high underpricing.How to develop scientific and reasonable IPO pricing,and reduce the high IPO underpricing...
support received from the National Natural Science Foundation of China (Grant No. 71272196);the Humanities and Social Science Foundation of Guangdong Province (Grant No. 2012JDXM-0002);supported by grants from the "Project 211" Fund of the Central University of Finance and Economics (CUFE);the "2011 Synergetic Innovation" Key Project on "Development of Public Accounting Profession" of the CUFE;the Beijing Municipal Commission of Education "Joint Construction Project";the Beijing Municipal Commission of Education "Pilot Reform of Accounting Discipline Clustering"
This paper separates the amount of IPO underpricing(primary market underpricing) and overvaluation(secondary market overvaluation) from the value of an IPO's initial return to evaluate the relative importance of these...
the Social Science and Humanity Research Fund of the Chinese Ministry of Education(10YJC790070);the National Natural Science Foundation of China(71031003)
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...
The underpricing of initial public offerings (IPOs) is generally explained with asymmetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano (2006) w...
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 prev...
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 i...