Download or read book Detecting the Long run Performance and Characteristics of Chinese IPO Markets written by Chunping Wang and published by . This book was released on 2006 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Performance and Long Run Characteristics of the Chinese IPO Market written by Carol Padgett and published by . This book was released on 2014 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the short-run and long-run performance of Chinese privatization initial public offerings (PIPOs), using data for 340 and 409 new issues on the Shanghai and Shenzhen Stock Exchanges respectively, from 1 January 1996 through 31 December 1997. The average market-adjusted initial return is found to be 127.31%, and the initial returns on both stock exchanges are not significantly different from each other. The average market-adjusted buy and hold return over the three years after listing is 10.26%, which is significantly different from zero at the 1% level. We then use cross-sectional analysis to explain the long-run supernormal performance of Chinese PIPOs, and find that government ownership, the offering size and the feature of belonging to a high-tech industry are the main determinants of the long-run performance. In addition, firms that perform better in the long-run tend to make more Seasoned Equity Offerings (SEOs), and the underpricing of IPOs is negatively related to their long-run performance.

Download or read book The Aftermarket Performance of Chinese IPOs written by Nuo Lai and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this thesis, I study the phenomena of initial underpricing and long-run underperformance of initial public offerings (IPO) in the Chinese A-share market. After giving an overview on existing literature and the characteristics of the Chinese IPO market, I examine a sample consisting of 196 A-share IPOs issued on the Shanghai Stock Exchange (SSE) during 2002 and 2004 and find that the average market-adjusted initial underpricing is 93.89% and that the average market-adjusted cumulative return and buy-and-hold return over the three years after listing are -20.77% and -24.07%, respectively, which are both significantly negative at 1% level. I then use a cross-sectional analysis to explain the initial underpricing of Chinese IPOs, showing that issuing companies with smaller offer sizes, lower offer prices and higher profitability have higher initial underpricing. Chinese IPO investors are also facing the winner's curse problem. The cross-sectional analysis of long-run performance shows that companies with lower initial underpricing perform better in the long-run and that long-run performance mainly depends on the operating performance of the companies. Government ownership has no significant impact on initial underpricing and long-run performance of IPOs in my sample.

Download or read book The Performance and Characteristics of the Chinese IPO Market written by Jing Chi and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Short Run Underpricing and its Characteristics in Chinese IPO Markets written by Carol Padgett and published by . This book was released on 2003 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the short-run performance of Chinese privatization initial public offerings (PIPOs), using data on 668 new issues on both the Shanghai and Shenzhen Stock Exchanges from 1 January 1996 to 31 December 2000. We find that the average market-adjusted initial returns on the 1st, 5th, 10th, and 20th trading days are 129.16%, 126.93%, 126.93% and 124.95%. We use cross-sectional analysis to explain the extraordinarily severe underpricing of Chinese IPOs, and find that IPO underpricing is primarily explained by the high demand caused by the quota system, and the high proportion of uninformed individual investors. Estimation results show that the Information Asymmetry Hypothesis explains the underpricing in Chinese IPO markets well, while the Signalling Hypothesis does not. In terms of government behaviour, the government does not send signals to the market on the quality of the issuers by underpricing, but it does capture the market opportunities to time IPOS to get the best market feedback on offerings. In addition, government ownership has a negative impact on the underpricing, which shows that privatization is welcomed by investors.

Download or read book Empirical Study on Post Ipo Long Run Performance in the Chinese Stock Market written by Zhongguang Bai and published by . This book was released on 2004 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is testified that there exists poor post-IPO long-run performance in many stock markets. This paper examines Chinese IPOs' long-run performance based on the data of IPOs in the Chinese stock market. In this study, the empirical methods of style matched portfolios and Fama-French three-factor model are employed. It is found that IPOs' long-run performance is better than that of matched non-IPOs in Chinese stock market, and the abnormal returns of IPOs cannot be reasonably explained by F-F three-factor model. In addition, the long-run performance of IPOs is related with their first day returns.

Download or read book The Chinese Initial Public Offering Market written by Haifeng Guo and published by . This book was released on 2009 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis conducts three empirical studies on the Chinese A-share initial public offering (IPO) market, specifically, underpricing and short-run underperformance, duration from offering to listing and hot and cold issuing cycles. Before the empirical analysis, the literature is reviewed associated with these three topics. In addition, this thesis presents an overview of the Chinese IPO market which is found to undergo an experiment period from 1984 to 1990, a transition period from 1991 to 1993 and finally steps into a relatively mature stage from 1994. The issuing systems, allocation mechanisms, pricing methods, structure of shareholders are also discussed.The first empirical study analyses underpricing and short-run underperformance of the Chinese A-share IPOs from Mar, 2001 to 2005 when the Approval System is adopted. We find the market adjusted first-day returns average at 93.49% during this period. Then we explore why Chinese IPOs are underpriced so much. The influences of inequality of IPO demand and supply, allocation mechanisms, structure of shareholders, duration to listing and underwriters are discussed respectively. Based on the discussion, we construct an ordinary least squares regression model and find that the underpricing is positively related to this IPO's turnover ratio and state-owned shares and negatively related to its offering price, issuing size, etc. Meanwhile, this study extends the estimation and compares these IPOs' short-run underperformance on their 10th, 20th, 30th trading day. We find that the levels of short-run underpricing shrink. Both allocation mechanisms and underwriters can impact the degree of shrinking. The second empirical study estimates the duration from offering to listing of Chinese A-share IPOs issued from 1994 to 2005. We firstly explain the different IPO issuing procedures under the Administrative Authorizing System and the Approval System respectively and then compare the effects of these two issuing systems on the length of this duration. The findings indicate 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, such as this 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 study 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. The third empirical study focuses on detecting hot and cold IPO cycles in the Chinese A-share market during 1994-2005 using a Markov regime switching model. We introduce a set of observations to measure IPO monthly activities, which include the number of IPOs, underpricing, market conditions and duration to listing, and thus establish a model to estimate these activities' average performance in hot and cold periods respectively. It is found that a hot period is related with an abundant supply of IPOs, high levels of underpricing, positive market conditions and short waiting time to listing. This study presents the turning points of hot and cold periods for each observation. The cycles detected by the number of IPOs are the benchmark and then these cycles' robustness is tested by the other observations.

Download or read book Ungerpricing sic and Long run Performance of Chinese IPOs written by Yuzhi Wang and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Financing Entrepreneurship and Innovation in China written by LIN WILLIAM CONG; CHARLES M. C. LEE; YUANYU QU; TAO. and published by . This book was released on 2020 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financing Entrepreneurship and Innovation in China provides an overview of the current state-of-affairs in the financing of private innovations in China. While country-level innovation can take many forms, the focus is on the funding of business start-ups and entrepreneurial ventures.

Download or read book Handbook of Corporate Finance written by Bjørn Espen Eckbo and published by Elsevier. This book was released on 2007-05-21 with total page 559 pages. Available in PDF, EPUB and Kindle. Book excerpt: Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms’ financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything “corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work. *The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance *Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance *The series is international in scope with contributions from field leaders the world over

Download or read book Empirical Asset Pricing written by Turan G. Bali and published by John Wiley & Sons. This book was released on 2016-02-26 with total page 512 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Bali, Engle, and Murray have produced a highly accessible introduction to the techniques and evidence of modern empirical asset pricing. This book should be read and absorbed by every serious student of the field, academic and professional.” Eugene Fama, Robert R. McCormick Distinguished Service Professor of Finance, University of Chicago and 2013 Nobel Laureate in Economic Sciences “The empirical analysis of the cross-section of stock returns is a monumental achievement of half a century of finance research. Both the established facts and the methods used to discover them have subtle complexities that can mislead casual observers and novice researchers. Bali, Engle, and Murray’s clear and careful guide to these issues provides a firm foundation for future discoveries.” John Campbell, Morton L. and Carole S. Olshan Professor of Economics, Harvard University “Bali, Engle, and Murray provide clear and accessible descriptions of many of the most important empirical techniques and results in asset pricing.” Kenneth R. French, Roth Family Distinguished Professor of Finance, Tuck School of Business, Dartmouth College “This exciting new book presents a thorough review of what we know about the cross-section of stock returns. Given its comprehensive nature, systematic approach, and easy-to-understand language, the book is a valuable resource for any introductory PhD class in empirical asset pricing.” Lubos Pastor, Charles P. McQuaid Professor of Finance, University of Chicago Empirical Asset Pricing: The Cross Section of Stock Returns is a comprehensive overview of the most important findings of empirical asset pricing research. The book begins with thorough expositions of the most prevalent econometric techniques with in-depth discussions of the implementation and interpretation of results illustrated through detailed examples. The second half of the book applies these techniques to demonstrate the most salient patterns observed in stock returns. The phenomena documented form the basis for a range of investment strategies as well as the foundations of contemporary empirical asset pricing research. Empirical Asset Pricing: The Cross Section of Stock Returns also includes: Discussions on the driving forces behind the patterns observed in the stock market An extensive set of results that serve as a reference for practitioners and academics alike Numerous references to both contemporary and foundational research articles Empirical Asset Pricing: The Cross Section of Stock Returns is an ideal textbook for graduate-level courses in asset pricing and portfolio management. The book is also an indispensable reference for researchers and practitioners in finance and economics. Turan G. Bali, PhD, is the Robert Parker Chair Professor of Finance in the McDonough School of Business at Georgetown University. The recipient of the 2014 Jack Treynor prize, he is the coauthor of Mathematical Methods for Finance: Tools for Asset and Risk Management, also published by Wiley. Robert F. Engle, PhD, is the Michael Armellino Professor of Finance in the Stern School of Business at New York University. He is the 2003 Nobel Laureate in Economic Sciences, Director of the New York University Stern Volatility Institute, and co-founding President of the Society for Financial Econometrics. Scott Murray, PhD, is an Assistant Professor in the Department of Finance in the J. Mack Robinson College of Business at Georgia State University. He is the recipient of the 2014 Jack Treynor prize.

Download or read book A Survey of the European IPO Market written by and published by CEPS. This book was released on 2006 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Going Public written by Tim Jenkinson and published by Oxford University Press, USA. This book was released on 2001 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Going Public investigates why companies routinely underprice themselves as they try to list themselves on the stock exchange. They subsequently underperform over the long-term and, in Going Public, the authors explore these 2 phenomena in plain English.

Download or read book Capitalizing China written by Joseph P. H. Fan and published by University of Chicago Press. This book was released on 2013 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: La 4e de couverture indique : "Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist features disguise the profoundly unfamiliar foundations of "market socialism with Chinese characteristics." The Chinese Communist Party (CCP), by controlling the career advancement of all senior personnel in all regulatory agencies, all state-owned enterprises (SOEs), and virtually all major financial institutions state-owned enterprises (SOEs), and senior Party positions in all but the smallest non-SOE enterprises, retains sole possession of Lenin's Commanding Heights. The chapters in this volume examine China's high savings rate, banking system, financial markets, financial regulations, corporate governance, and public finances; and consider policy alternatives the CCP might consider if its goal is China's elevation into the ranks of high income countries."

Download or read book The Long Run Performance of Global Equity Offerings written by Stephen R. Foerster and published by . This book was released on 1999 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the long-run return performance of non-U.S. firms that raise equity capital in U.S. markets. Overall, our sample of 333 global equity offerings with U.S. depositary receipt (ADR) tranches from 35 countries in Asia, Latin America, and Europe under-perform local and global benchmarks by 8% to 39% over the three years following issuance. We show that differences in long-run returns are related to the scope and magnitude of investment barriers that induce segmentation of capital markets around the world. Specifically, companies from emerging markets and those that issue equity by way of Rule 144A private placements significantly underperform publicly-listed issues and those of companies in developed markets. We also show that inter-market competition for order flow in the post-issuance period affects their long-run return performance. Post-issuance cumulative abnormal returns are most significantly and positively related to the ability of the offering to generate a larger share of U.S. trading volume.

Download or read book The Political Economy of Financial Regulation written by Emilios Avgouleas and published by Cambridge University Press. This book was released on 2019-01-31 with total page 531 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the law and policy of financial regulation using a combination of conceptual analysis and strong empirical research.

Download or read book Doing Business 2020 written by World Bank and published by World Bank Publications. This book was released on 2019-11-21 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.