Research on Investment Bank Reputation and IPO Underpricing

Zijun Wang ()
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Zijun Wang: Qingdao University No.9 Middle School

A chapter in Proceedings of the 2023 International Conference on Economic Management, Financial Innovation and Public Service (EMFIPS 2023), 2024, pp 867-876 from Springer

Abstract: Abstract A large number of foreign studies have verified the reputation theory of investment banks. The IPO underwritten by well-known investment banks is lower than that underwritten by ordinary investment banks. Whether this conclusion suitable for developed countries can be suitable for China's securities market is controversial in the theoretical circle. Taking 460 new shares in Shanghai and Shenzhen A-share IPO markets from January 2020 to December 2021 as the research sample.This paper conducts an empirical study on the adaptability of investment bank reputation model in China. The results show that this conclusion does not apply to the low information efficiency of China's investment banks and issuing markets.

Keywords: Investment bank reputation; IPO; underpricing (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-441-9_73

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DOI: 10.2991/978-94-6463-441-9_73

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