Growth Enterprise Board Initial Public Offerings:Characteristics,Volatility and the Initial-day Performance

被引：3

作者：

Hung-Gay Fung ^{[1
]}

机构：

[1] Tsiang Professor of Chinese Studies,College of Business Studies and Center for International Studies,University of Missouri-St.Louis,St.Louis.USA

来源：

China&WorldEconomy | 2011年 / 19卷 / 01期

基金：

中国国家自然科学基金;

关键词：

Chinese initial public offerings; regulation; trading halts; underpricing;

D O I：

暂无

中图分类号：

F832.51 [];

学科分类号：

020204 ; 1201 ;

摘要：

We use the Chinese initial public offering data from October 2009 to August 2010 to examine the newly-established growth enterprise board(GEB).The results indicate that the GEB has been successful and is providing a viable channel for new small and medium-sized firms to raise external capital.Four variables,the volatility variable,the turnover ratio,the winning lottery ratio and the price-earnings ratio,are important factors driving the initialday returns in the regression analysis.The implementation of the new trading-halts policy on the GEB is found to be effective in mitigating excessive speculation.Our analysis results could be used by policy-makers to gauge the effects of policy changes on the underpricing of the initial public offerings of the GEB.

引用

页码：106 / 121

页数：16

共 6 条

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