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The short-run price performance of initial public offerings in Hong Kong: New evidence
Anna P.I. Vong1; Duarte Trigueiros2
2010
Source PublicationGlobal Finance Journal
ISSN1044-0283
Volume21Issue:3Pages:253-261
Abstract

The study examines thefirst day returns of over 480 initial publicofferings (IPO) in Hong Kong during a 12-year period (1994–2005).Based on this set of observations the study builds a comprehensivemodel of the short-term price performance of new offerings, in thelight of the existing theoretical hypotheses about IPO underpricing.Results show clear evidence of the signaling effect of underwriters'reputation. For a set of different conditions and time periodsexamined, the most sought after underwriters are consistentlyassociated with less underpriced offerings. In addition, the studyshows that offerings underwritten by two or more underwriters tendto be less underpriced and that underpricing may be a signal in itsown right. The study also shows that the informed demandhypothesis of Rock (1986) is supported only where some specificcircumstances are verified. Finally, results confirm the recent trend (inHong Kong) towards a less aggressive underpricing.

KeywordEx-ante Uncertainty Initial Public Offerings Subscription Rate Underpricing Underwriters' Reputation
DOIhttps://doi.org/10.1016/j.gfj.2010.09.003
Language英语
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Document TypeJournal article
CollectionDEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorAnna P.I. Vong
Affiliation1.Faculty of Business Administration, University of Macau, Avenida Padre Tomas Pereira, S.J. Taipa, Macau, China
2.Faculty of Economics, University of Algarve, Gambelas, 800 Faro, Portugal
First Author AffilicationFaculty of Business Administration
Corresponding Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Anna P.I. Vong,Duarte Trigueiros. The short-run price performance of initial public offerings in Hong Kong: New evidence[J]. Global Finance Journal,2010,21(3):253-261.
APA Anna P.I. Vong,&Duarte Trigueiros.(2010).The short-run price performance of initial public offerings in Hong Kong: New evidence.Global Finance Journal,21(3),253-261.
MLA Anna P.I. Vong,et al."The short-run price performance of initial public offerings in Hong Kong: New evidence".Global Finance Journal 21.3(2010):253-261.
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