کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7357127 | 1478426 | 2018 | 52 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The impact of IPO approval on the price of existing stocks: Evidence from China
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
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چکیده انگلیسی
This paper investigates whether initial public offering (IPO) announcements have any price impact on existing stocks in China. Using the Chinese IPO approval regime as a natural experiment, we find that IPO approval announcements have a negative price impact on stocks. This price effect appears to be a drift in equilibrium prices and is more pronounced on stocks that are more correlated with the IPO. These findings support an expectation-based downward-sloping demand curve hypothesis. We also document negative price reactions around the IPO listing day, which is consistent with the findings by previous authors. Further evidence rules out the signal effect of IPO approval announcements. In sum, IPO approvals can influence prices of other stocks by shaping the expectation of a change in the supply-demand equilibrium without actual trading of IPO shares.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 50, June 2018, Pages 109-127
Journal: Journal of Corporate Finance - Volume 50, June 2018, Pages 109-127
نویسندگان
Yuanpeng Li, Qian Sun, Shu Tian,