Initial Returns and Long-Term Performance of IPOs in China 2001-2011 Evidence on the Influence of the Institutional and Economic Context from the Shanghai Stock Exchange

摘要: Abstract/Zusammenfassung In this article, we analyze initial public offerings on the Shanghai Stock Exchange (SSE) from 2001 to 2011 investigate underpricing and long-term performance in Chinese IPO market. Multi-linear OLS regressions are applied 332 IPOs of A-shares for which necessary data were extracted SSE factbooks other sources. We overall sample as well two sub-samples. Initially, test whether massive reported previous studies continued years after reforms implemented China. our sample, observe an return 93.42 %, average. Although value seems very high compared Western markets, it is relatively low those Moreover, under-pricing decreased over years. To obtain a deeper understanding market look explanatory variables can explain returns. Our regression analyses reveal that issuer...