Asymmetric Information: Evidence from Chinese IPOs
Luting Ye
Broschiertes Buch

Asymmetric Information: Evidence from Chinese IPOs

A combination of theoretical and empirical study

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The goal of this article is to examine whether the adverse selection model as a sub-branch of information asymmetric models is able to explain the persistent IPO underpricing in China. In the first part, a sample consisting of 2795 Chinese IPOs for the "overview window" January 1992 - July 2015 is used to investigate impact of IPO-related regulations on underpricing. Historical gross IPO underpricing is found to respond to fundamental changes in IPO pricing model. In the second part, a smaller sample consisting of 1093 Chinese IPOs for the "testing window" September 2006 - December 2013 is gat...