The Underpricing of Initial Public Offerings

Dongwei Su ()

Chapter 6 in Chinese Stock Markets:A Research Handbook, 2003, pp 215-265 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionThe New-issue and Offering ProcessThe Role of Financial Variables in the Pricing of IPOsThe Chinese DataA Benchmark RegressionThe Adverse-Selection ModelsThe Signaling ModelsEmpirical Implications from the Signaling ModelsCorrelation Between IPO Returns and IPO ProceedsCorrelations Among IPO Underpricing and Issuer's Intrinsic Value, Fractional Ownership and Project VarianceIPO Underpricing and SEOsBribery and Lottery Hypotheses of IPO UnderpricingBribery Hypothesis: Underpricing of Chinese IPOs are Gifts to Public Officials or Favored PurchasersLottery Hypothesis: Lottery Mechanism in Share Allocation Contributes to High IPO UnderpricingUnderpricing of Foreign-Share IPOsLong-run Performance of IPOsSummary

Date: 2003
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