Short-Term Performance of U.S.-Bound Chinese IPOs

K. Stephen Haggard, Brian R. Walkup and Yaoyi Xi

The Financial Review, 2015, vol. 50, issue 1, 121-141

Abstract: Firms from emerging markets, including China, increasingly seek to raise capital outside of their home markets. We examine the short-term performance of U.S.-bound Chinese initial public offerings (IPOs) and find that these IPOs have significantly lower underpricing than a matched sample of U.S. counterparts. We also find that the magnitude of IPO underpricing for U.S.-bound Chinese firms is positively related to revisions in offer price.

Date: 2015
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