The Long-run Performance of Chinese Overseas Listing in the U.S. Stock Exchange
The long-term underperformance of IPOs is a global phenomenon. This paper investigates the long-run performance of 67 Chinese overseas listing in the U.S. stock exchange during the period of 1993-2008. Consistent with previous researches on the IPOs long-run performance, such as Ritter (1991), Levis...
| Main Author: | |
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2012
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| Online Access: | https://eprints.nottingham.ac.uk/25832/ |
| _version_ | 1848793063766360064 |
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| author | You, Jiazhen |
| author_facet | You, Jiazhen |
| author_sort | You, Jiazhen |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | The long-term underperformance of IPOs is a global phenomenon. This paper investigates the long-run performance of 67 Chinese overseas listing in the U.S. stock exchange during the period of 1993-2008. Consistent with previous researches on the IPOs long-run performance, such as Ritter (1991), Levis (1993) and Khurshed et al. (1999), significant underperformance of Chinese overseas listing are found in a three-year holding period. The average three years buy-and-hold market-adjusted return is negative 28.12% for the 67 Chinese firms. Moreover, the study attempts to relate long-term underperformance to a full set of variables originated from different explanatory theories as well as unique characteristics of Chinese overseas listing. Based on cross-sectional and regression analysis, only the age and ownership structure of firms are proved to have statistical significance with Chinese overseas listing underperformance in the long-run. The findings indicate that international investors should invest the state-owned enterprises and pay more attention to the history of Chinese overseas listing. |
| first_indexed | 2025-11-14T18:54:21Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-25832 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T18:54:21Z |
| publishDate | 2012 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-258322017-10-19T13:11:10Z https://eprints.nottingham.ac.uk/25832/ The Long-run Performance of Chinese Overseas Listing in the U.S. Stock Exchange You, Jiazhen The long-term underperformance of IPOs is a global phenomenon. This paper investigates the long-run performance of 67 Chinese overseas listing in the U.S. stock exchange during the period of 1993-2008. Consistent with previous researches on the IPOs long-run performance, such as Ritter (1991), Levis (1993) and Khurshed et al. (1999), significant underperformance of Chinese overseas listing are found in a three-year holding period. The average three years buy-and-hold market-adjusted return is negative 28.12% for the 67 Chinese firms. Moreover, the study attempts to relate long-term underperformance to a full set of variables originated from different explanatory theories as well as unique characteristics of Chinese overseas listing. Based on cross-sectional and regression analysis, only the age and ownership structure of firms are proved to have statistical significance with Chinese overseas listing underperformance in the long-run. The findings indicate that international investors should invest the state-owned enterprises and pay more attention to the history of Chinese overseas listing. 2012 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/25832/1/DT_final.pdf You, Jiazhen (2012) The Long-run Performance of Chinese Overseas Listing in the U.S. Stock Exchange. [Dissertation (University of Nottingham only)] (Unpublished) |
| spellingShingle | You, Jiazhen The Long-run Performance of Chinese Overseas Listing in the U.S. Stock Exchange |
| title | The Long-run Performance of Chinese Overseas Listing in the U.S. Stock Exchange |
| title_full | The Long-run Performance of Chinese Overseas Listing in the U.S. Stock Exchange |
| title_fullStr | The Long-run Performance of Chinese Overseas Listing in the U.S. Stock Exchange |
| title_full_unstemmed | The Long-run Performance of Chinese Overseas Listing in the U.S. Stock Exchange |
| title_short | The Long-run Performance of Chinese Overseas Listing in the U.S. Stock Exchange |
| title_sort | long-run performance of chinese overseas listing in the u.s. stock exchange |
| url | https://eprints.nottingham.ac.uk/25832/ |