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Ungerpricing [sic] and long-run performance of Chinese IPOs

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Ungerpricing [sic] and long-run performance of Chinese IPOs

Wang, Yuzhi (2005) Ungerpricing [sic] and long-run performance of Chinese IPOs. Masters thesis, Concordia University.

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Abstract

This study examines the underpricing and long-term performance of A-share initial public offerings (IPOs) issued in China between January 1996 and December 2004. The sample is divided into State Owned Enterprises (SOEs) and non-State Owned Enterprises (non-SOEs) to investigate the difference in IPO underpricing and long-term performance between these two groups. I find that non-SOEs are significantly less underpriced than SOEs. In addition, I find that the changes in government policies do have an impact on IPO underpricing. My study confirms the results of previous studies that the long-term stock returns of Chinese IPOs is positive using a market index as a benchmark, while the long-term operating performance of these IPO firms exhibits negative changes. However, the SOE and non-SOE sub-samples do not show any significant differences in either long-term stock returns or operating performance when size- and book-to-market-matched portfolios are used as benchmarks. Finally, my findings are also consistent with the signaling theory of IPOs.

Divisions:Concordia University > John Molson School of Business
Item Type:Thesis (Masters)
Authors:Wang, Yuzhi
Pagination:vii, 90 leaves : ill. ; 29 cm.
Institution:Concordia University
Degree Name:M. Sc. Admin.
Program:John Molson School of Business
Date:2005
Thesis Supervisor(s):Bhabra, Harjeet
ID Code:8757
Deposited By:Concordia University Libraries
Deposited On:18 Aug 2011 14:34
Last Modified:18 Aug 2011 15:12
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