Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/14393
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dc.titleAn empirical examination of IPO underpricing in Chinese A-share market
dc.contributor.authorYU TING
dc.date.accessioned2010-04-08T10:42:43Z
dc.date.available2010-04-08T10:42:43Z
dc.date.issued2004-10-22
dc.identifier.citationYU TING (2004-10-22). An empirical examination of IPO underpricing in Chinese A-share market. ScholarBank@NUS Repository.
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/14393
dc.description.abstractMuch evidence suggests that initial public offerings (IPOs) of common stocks are systematically priced at a discount to their subsequent initial trading price. The large underpricing magnitude in the Chinese IPO market has attracted much attention. Despite many studies on the Chinese IPO underpricing, answers concerning the explanation of the underpricing in light of the classical IPO underpricing models, such as asymmetric information models, institutional explanations, and ownership and control, remain elusive. This paper attempts to shed light on this issue by examining some classical models of IPO underpricing for the Chinese market, especially some hypotheses not studied before. Using data from November 1995 to December 1998, our results show that the winnera??s curse hypothesis is the main reason for the high IPO underpricing in China. The signaling hypothesis does not stand in the Chinese market during the sample period.
dc.language.isoen
dc.subjectInitial public offering, ex ante uncertainty, signaling, winner’s curse
dc.typeThesis
dc.contributor.departmentECONOMICS
dc.contributor.supervisorTSE YIU KUEN
dc.description.degreeMaster's
dc.description.degreeconferredMASTER OF SOCIAL SCIENCES
dc.identifier.isiutNOT_IN_WOS
Appears in Collections:Master's Theses (Open)

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