 Duration of IPOs between offering and listing: Cox proportional hazard models--Evidence for Chinese A-share IPOsHaifeng Guo and Robert Brooks International Review of Financial Analysis, 2009, vol. 18, issue 5, 239-249 Abstract: This paper estimates the duration from offering to listing of Chinese A-share IPOs issued from 1994 to 2005. We firstly compare the effects of the two issuing systems on the length of this duration and find that the waiting time to listing has been shortened greatly after the Approval System is adopted. Secondly, this study emphasizes on exploring endogenous factors related to an issuer itself, including the issuer's quality, market sentiment, allocation mechanism, and underwriter, etc. Then a Cox proportional hazard model is employed to examine these factors' influences on this issuer's final listing. Further, this paper extends the analysis to explore the role of the issuing system and issuing year respectively. Most endogenous factors are found to still be functioning when we take into account the effect of the issuing system, but the effects of underwriter, allocation mechanism, offering price and floatation size diminish in favour of the effect of issuing year. Keywords: Duration; Cox; proportional; hazard; model; Chinese; IPOs; A-shares (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:18:y:2009:i:5:p:239-249 Access Statistics for this article International Review of Financial Analysis is currently edited by B.M. Lucey More articles in International Review of Financial Analysis from Elsevier |
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