The long-run performance of initial public offerings and its determinants: the case of China

Cai, Xiao-Qiong; Liu, Guy S.; Mase, Bryan

doi:10.1007/s11156-007-0064-5

Cited by 48 publications

(53 citation statements)

References 50 publications

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“…For example, the 3-year BHAR and CAR are −18.16% (t stat = −2.35) and −16.30% (t stat = −4.86), respectively, consistent with Chen et al (2000), who report a market-adjusted 3-year BHAR of −21.20% (t stat = −5.04) for 277 A-Share IPOs over the period 1992 to 1995, and with Cai et al (2008), who document a marketadjusted 3-year BHAR of −29.57% (t stat = −15.27) for 335 IPOs on the SHSE from 1997 to 2001.…”

Section: Datasupporting

confidence: 87%

“…First, we confirm the severe underpricing and long-run underperformance of IPOs relative to the market benchmark in the China stock market, consistent with previous Chinese studies (see, e.g., Mok and Hui 1998;Chen et al 2000;Cai et al 2008;Su et al 2010). In addition, although underwriter reputation shows no significant influence on IPO underpricing, we find a significantly positive relationship between IPO long-run performance and underwriter reputation using both reputation measures separately.…”

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confidence: 91%

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Underpricing and long-run performance of Chinese IPOs: the role of underwriter reputation

Bangassa

2011

Financ Mark Portf Manag

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Section: Datasupporting

confidence: 87%

supporting

confidence: 91%

Underpricing and long-run performance of Chinese IPOs: the role of underwriter reputation

Bangassa

2011

Financ Mark Portf Manag

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“…Cai, Liu, and Mase (2008) find that Chinese IPOs market are influenced by offer size, underpricing, oversubscription, and earnings growth. Chen et al (2011) argue that long-run underperformance supports the signaling hypothesis and the ex-ante uncertainty hypothesis but not the divergence of opinion hypothesis.…”

Section: Empirical Literaturementioning

confidence: 88%

Performance and capital structure of IPOs in Pakistan from 2000 to 2015

Javid

Malik

2016

Financ Innov

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Background: When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public, is known as initial public offering (IPO). The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity. This study compares the short-and long-run performance, and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan. It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.

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“…Cai, Liu and Mase [11] analyzed the performance of IPO and its further development in the stock market. Bitzenis, Tsitouras and Vlachos [12] tried to determine the inward FDI in Greece by MNCs worldwide through a questionnaire survey and the impact on stock market in Greece.…”

Section: Efficiency Frontiermentioning

confidence: 99%

Efficiency Frontier for Chinese Stock Markets under Influence of Financial Crises

Guo¹

2011

Lecture Notes in Electrical Engineering

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Financial crises, like Asian financial crisis in 1997 and credit crunch from USA in 2007, have huge influence worldwide. For the importance and uniqueness of China's stock market, it is interesting and attractive to research it under influence of financial crises. The purpose for this research is to find out the influence of financial crises on Chinese stock market and focus on efficiency frontier. For research methodology, the efficiency frontiers are built using cross-sectional data through linear programming with an optimization model for different periods for Chinese stock markets portfolios and for a portfolio from Chinese, UK and USA stock markets together under current financial crisis. This research finds out that Chinese stock markets have a positive risk return trade off and it varies under the influence of financial crises; the investment efficiency in Chinese stock markets are relative good currently and if further diversified with western markets, higher investment efficiency can be achieved. The implication for this paper is to offer a suitable method to construct Chinese stock market efficiency frontier, and to improve investment efficiency through further diversification. This paper enjoys the originality that it perhaps is the first paper to build Chinese stock market efficiency frontier through linear programming.

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The long-run performance of initial public offerings and its determinants: the case of China

Abstract: Initial public offering, Long-run performance, China’s economy, G30, G34,

Cited by 48 publications

References 50 publications

Underpricing and long-run performance of Chinese IPOs: the role of underwriter reputation

Underpricing and long-run performance of Chinese IPOs: the role of underwriter reputation

Performance and capital structure of IPOs in Pakistan from 2000 to 2015

Efficiency Frontier for Chinese Stock Markets under Influence of Financial Crises

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