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The Cross-Sectional Determinants of Post-IPO Stock Performance: Evidence from China
Chang, Xin1; Shi-Hua Lin2; Lewis H.K. Tam2; George Wong3
2010
Source PublicationACCOUNTING AND FINANCE
ISSN0810-5391
Volume50Issue:3Pages:581-603
Abstract

This paper examines the cross-sectional determinants of post-IPO long-term stock returns in China. We document that the aftermarket P/E ratio has the most robust negative association with post-IPO stock returns. The negative relation indicates that the market corrects the aftermarket overvaluation of IPO firms in the long run. Underwriter reputation has a positive effect on post-IPO stock returns while board size has a negative impact, consistent with the views that reputable underwriters mitigate the information asymmetry in IPO pricing and over-sized boards reduce the effectiveness of corporate governance. However, we find little evidence indicating that the equity ownership structure is significantly associated with post-IPO stock returns.

KeywordPost-ipo Performance China Stock Markets Overvaluation Ownership Structure Underwriter Reputation
DOIhttps://doi.org/10.1111/j.1467-629X.2009.00333.x
Indexed BySSCI ; SSCI
Language英语
WOS Research AreaBusiness & Economics
WOS SubjectBusiness, Finance
WOS IDWOS:000280970300005
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Cited Times [WOS]:9   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionFaculty of Business Administration
DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Affiliation1.Division of Banking & Finance, Nanyang Business School, Nanyang Technological University,Singapore
2.Faculty of Business Administration, University of Macau, Macau, China
3.School of Accounting and Finance, The Hong Kong Polytechnic University, Kowloon,Hong Kong
Recommended Citation
GB/T 7714
Chang, Xin,Shi-Hua Lin,Lewis H.K. Tam,et al. The Cross-Sectional Determinants of Post-IPO Stock Performance: Evidence from China[J]. ACCOUNTING AND FINANCE,2010,50(3):581-603.
APA Chang, Xin,Shi-Hua Lin,Lewis H.K. Tam,&George Wong.(2010).The Cross-Sectional Determinants of Post-IPO Stock Performance: Evidence from China.ACCOUNTING AND FINANCE,50(3),581-603.
MLA Chang, Xin,et al."The Cross-Sectional Determinants of Post-IPO Stock Performance: Evidence from China".ACCOUNTING AND FINANCE 50.3(2010):581-603.
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