IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015
By conducting multiple linear regression analysis on 1645 samples of IPOs in Chinese A-shares stock market, this dissertation illustrates the determinants of IPO underpricing in Chinese IPO market for period 1996 to 2015. Specifically, following the important reforms in the market, the paper also id...
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English English English English English English English English |
| Published: |
2016
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| Online Access: | https://eprints.nottingham.ac.uk/36559/ |
| _version_ | 1848795303787888640 |
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| author | HU, HONGXIN |
| author_facet | HU, HONGXIN |
| author_sort | HU, HONGXIN |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | By conducting multiple linear regression analysis on 1645 samples of IPOs in Chinese A-shares stock market, this dissertation illustrates the determinants of IPO underpricing in Chinese IPO market for period 1996 to 2015. Specifically, following the important reforms in the market, the paper also identify the dynamic change in both IPO underpricing level and the factors affects the underpricing in five subperiods of for the past 20 years. The finding of this paper shows IPO underpricing in China is not only caused by factors indicated in conventional theories such as winner’s curse effect and signalling effect, but also related to unique characteristics in the market like IPO quota restriction and state ownership. However, the result of subperiod analysis implied that as IPO reforms has been promoted, the factors of unique characteristics of Chinese IPO market become less important and the underpricing level decrease significantly, showing the market is transforming close to western market and become more mature.
Key words: IPO Underpricing; Chinese Market; IPO Reforms |
| first_indexed | 2025-11-14T19:29:57Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-36559 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English English English English English English English English |
| last_indexed | 2025-11-14T19:29:57Z |
| publishDate | 2016 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-365592021-06-11T15:45:17Z https://eprints.nottingham.ac.uk/36559/ IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015 HU, HONGXIN By conducting multiple linear regression analysis on 1645 samples of IPOs in Chinese A-shares stock market, this dissertation illustrates the determinants of IPO underpricing in Chinese IPO market for period 1996 to 2015. Specifically, following the important reforms in the market, the paper also identify the dynamic change in both IPO underpricing level and the factors affects the underpricing in five subperiods of for the past 20 years. The finding of this paper shows IPO underpricing in China is not only caused by factors indicated in conventional theories such as winner’s curse effect and signalling effect, but also related to unique characteristics in the market like IPO quota restriction and state ownership. However, the result of subperiod analysis implied that as IPO reforms has been promoted, the factors of unique characteristics of Chinese IPO market become less important and the underpricing level decrease significantly, showing the market is transforming close to western market and become more mature. Key words: IPO Underpricing; Chinese Market; IPO Reforms 2016-09-13 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/36559/1/4243794_Hongxin_HU_MSc%20Dissertation.docx application/pdf en https://eprints.nottingham.ac.uk/36559/3/image2.emf image/jpeg en https://eprints.nottingham.ac.uk/36559/4/image1.jpeg image/png en https://eprints.nottingham.ac.uk/36559/5/image7.png application/pdf en https://eprints.nottingham.ac.uk/36559/6/image5.emf application/pdf en https://eprints.nottingham.ac.uk/36559/7/image6.emf application/pdf en https://eprints.nottingham.ac.uk/36559/8/image4.emf application/pdf en https://eprints.nottingham.ac.uk/36559/2/image3.emf HU, HONGXIN (2016) IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015. [Dissertation (University of Nottingham only)] |
| spellingShingle | HU, HONGXIN IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015 |
| title | IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015 |
| title_full | IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015 |
| title_fullStr | IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015 |
| title_full_unstemmed | IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015 |
| title_short | IPO Underpricing and Its Dynamic Changes in Chinese A-share Market: An Empirical Analysis from 1996 to 2015 |
| title_sort | ipo underpricing and its dynamic changes in chinese a-share market: an empirical analysis from 1996 to 2015 |
| url | https://eprints.nottingham.ac.uk/36559/ |