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Taming the Dragon: The Modernization of the Chinese Equity Markets and its Effects on IPO Underpricing
| Content Provider | Semantic Scholar |
|---|---|
| Author | Benesh, William |
| Copyright Year | 2011 |
| Abstract | Acknowledgements I would like to thank my adviser, Professor Francesco Bianchi, for his guidance and especially his assistance on the econometric aspects of my thesis. I would like to thank Professor Kent Kimbrough for his weekly guidance throughout the year and the countless hours he has spent listening to me talk about my thesis and reading my drafts. I'd also like to thank Emily Lynch for her assistance on the Matlab work required for the agonistic break model. Additional thanks to Songman Kim for his help with some of the Stata portions of my project and to Joel Herndon for his general assistance on data acquisition and anaylsis. I am grateful to Jane Day and Carlton Brown at the Ford Library for their assistance in obtaining data using the various programs available at Fuqua. Finally, I'd like to thank the fellow students in my honors seminar class— Karna Mital, Chengyu Li, and Chen Ni—for all the comments and advice they've provided over the last eight months. ABSTRACT The extreme underpricing of Chinese Initial Public Offerings in the early days of the Chinese equity markets was reduced by several reforms instituted by the Chinese government from around 2000 to 2002. These reforms reduced 1-day returns on IPOs from 295% to 72%. The reforms reduced IPO underpricing by decreasing the inequality between IPO supply and demand. These reforms, while announced between 2000 and 2002, likely took until around 2004 to take full effect. In addition to inequality between supply and demand, other factors such as information asymmetry and government/quality signaling contributed to underpricing both before and after the reforms. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | https://dukespace.lib.duke.edu/dspace/bitstream/handle/10161/3550/Will%20Benesh%20Econ%20Honors%20Thesis%20Final%20Draft.pdf;jsessionid=2E3BFAE9ADE5D4349127246752BCB1EF?sequence=1 |
| Alternate Webpage(s) | http://dukespace.lib.duke.edu/dspace/bitstream/handle/10161/3550/Will%20Benesh%20Econ%20Honors%20Thesis%20Final%20Draft.pdf?sequence=1 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Thesis |
