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...
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...