2003•Commercial ResearchRequires access

The Analysis of IPOs Underpricing in the A Share Market of China

Song Yang

Abstract

The underpricing of stocks in IPOs is a common phenomenon in the stock market all over the world, but it is more striking in the A share market of China. This paper tries to analyze the factors correlating with the underpricing rate and find the fundamental reasons for the high underpricing rate in IPOs in the A share market which mainly includes 3 parts: firstly, it describes the phenomenon of underpricing in IPOs and reviews the studies concerned; secondly, analyses empirically the factors relavent to the underpricing rate on the basis of real data; lastly, it makes theoretical studies on the reasons for high underpricing rate in the A share market.

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Key concepts: Initial public offering, Business, Stock market, China, Monetary economics, Phenomenon, Market share, Financial economics