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Empirical Study on Underpricing of China's IPO

Xie Chao-bin, Ling Huang

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Abstract

We found that the factors affecting the IPO underpricing include the time-making ability of the underwriter, P/E multiples and the IPO size. However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing. The time-making ability of the underwriter shows mainly in the relatively medium horizon and has nothing with IPO underpricing in the short period.

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What this paper is about

We found that the factors affecting the IPO underpricing include the time-making ability of the underwriter, P/E multiples and the IPO size. However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing. The time-making ability of the underwriter shows mainly in the relatively medium horizon and has nothing with IPO underpricing in the short period.

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OpenAlex reports 2 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

We found that the factors affecting the IPO underpricing include the time-making ability of the underwriter, P/E multiples and the IPO size. However, the IPO policy, industry characteristics and the initial return don't have any effect on the IPO underpricing. The time-making ability of the underwriter shows mainly in the relatively medium horizon and has nothing with IPO underpricing in the short period.

Key concepts: Initial public offering, Underwriting, Business, China, Monetary economics, Accounting, Finance, Economics

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