Journal articles: 'Chinese initial public offerings'

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Guo, Haifeng, Robert Brooks, and Hung-Gay Fung. "Underpricing of Chinese Initial Public Offerings." Chinese Economy 44, no. 5 (September 2011): 72–85. http://dx.doi.org/10.2753/ces1097-1475440504.

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Chi, Jing, Chunping Wang, and Martin Young. "Long-Run Outperformance of Chinese Initial Public Offerings." Chinese Economy 43, no. 5 (September 2010): 62–88. http://dx.doi.org/10.2753/ces1097-1475430505.

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Su, Chen, Kenbata Bangassa, and David Brookfield. "Long-Run Performance of Chinese Initial Public Offerings: Further Evidence*." Asia-Pacific Journal of Financial Studies 40, no. 2 (April 2011): 285–316. http://dx.doi.org/10.1111/j.2041-6156.2011.01039.x.

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Luo, Yan, Xiaolin Qian, and Jinjuan Ren. "Initial public offerings and air pollution: evidence from China." Journal of Asia Business Studies 9, no. 1 (January 5, 2015): 99–114. http://dx.doi.org/10.1108/jabs-08-2014-0056.

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Purpose – The purpose of this study is to investigate the impact of firms’ financing activities on the environment. Faced with a deteriorating global environment, both corporations and regulatory bodies have become more responsive to environmental conservation problems. However, existing literature has not adequately addressed the question of whether and how firms’ business activities influence the environment. Design/methodology/approach – Using the daily air pollution indices of 120 Chinese cities from 2001 to 2012, this study found that air pollution is alleviated after firms’ initial public offerings (IPOs). This paper proposes that firms’ IPOs influence the ambient air pollution through three channels: production scale, technical reform and corporate governance effects. Findings – The authors of this study found that the proceeds acquired in IPOs result in enlarged production scales that increase pollution, while the investment of these proceeds in social responsibility-related technical reform and enhanced corporate governance reduce pollution. Moreover, the authors discover that firms with a higher state ownership emit fewer pollutants, thus supporting the positive monitoring role of the Chinese government. Originality/value – Although this study investigates the impact of IPOs on air quality in China, the proposed analytical framework also applies to studies of other financing activities in global markets. This study has important policy implications for government regulations in environmental controls.

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Chen, Chao, Wenbin Chen, and Jing Chi. "Underpricing and Operating Performance of Chinese B-Share Initial Public Offerings." Chinese Economy 39, no. 5 (October 2006): 51–67. http://dx.doi.org/10.2753/ces1097-1475390503.

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Chen, Su-Jane, and Ming-Hsiang Chen. "The Underpricing of Initial Public Offerings in the Chinese Tourism Industry." Tourism Economics 16, no. 3 (September 2010): 647–63. http://dx.doi.org/10.5367/000000010792278293.

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Low, Chee Keong. "Initial Public Offerings and Interest Income in Hong Kong." European Business Law Review 18, Issue 3 (May 1, 2007): 559–83. http://dx.doi.org/10.54648/eulr2007024.

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While the literature encompasses many aspects of initial public offerings around the world, it has largely ignored the issue of interest income generated by placing the application moneys in overnight money market accounts as companies prepare to allot shares to the subscribers. The confluence of highly favourable conditions namely, rising interest rates coupled with euphoria over the listing of Mainland Chinese companies is estimated to result in HK&dollar;1.8 billion, or about US&dollar;230 million, in gross interest income accruing to the companies that listed on the Main Board of Stock Exchange of Hong Kong during 2006. Using data from the 53 initial public offerings in Hong Kong for the year, this paper highlights some shortcomings of the existing system and puts forth recommendations for their rectification which principal objective is a more equitable application of this ‘windfall’.

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Cheng, C. S. Agnes, Jing Wang, and Steven X. Wei. "State Ownership and Earnings Management around Initial Public Offerings: Evidence from China." Journal of International Accounting Research 14, no. 2 (June 1, 2015): 89–116. http://dx.doi.org/10.2308/jiar-51193.

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ABSTRACT This study investigates earnings management by firms around their initial public offerings (IPOs) in domestic Chinese equity markets. Using a sample of 437 IPO firms, we find that Chinese firms tend to inflate earnings around their IPOs. We also show that state-owned enterprises (SOEs) manage earnings to a lesser degree than non-state-owned enterprises (NSOEs) do around IPOs. Furthermore, using path analysis, we find that two incentive factors, CEO shareholding and accessibility to bank loans, explain 48 percent of the correlation between state ownership and earnings management for IPO firms. In particular, accessibility to bank loans is a more important incentive factor that leads to less earnings management for SOEs than NSOEs.

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Khurshed, Arif, Yan Tong, and Mingzhu Wang. "Split-share structure reform and the underpricing of Chinese initial public offerings." European Journal of Finance 24, no. 16 (November 22, 2015): 1485–505. http://dx.doi.org/10.1080/1351847x.2015.1107603.

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Chi, Jing, and Carol Padgett. "Operating Performance and Its Relationship to Market Performance of Chinese Initial Public Offerings." Chinese Economy 39, no. 5 (October 2006): 28–50. http://dx.doi.org/10.2753/ces1097-1475390502.

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Cullinane, Kevin, and Xihe Gong. "The mispricing of transportation initial public offerings in the Chinese mainland and Hong Kong." Maritime Policy & Management 29, no. 2 (April 2002): 107–18. http://dx.doi.org/10.1080/03088830110067348.

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Xu, Tianxiang, and Yujie Zhao. "An empirical study of IPO underpricing: Evidence from Chinese stock market." Corporate Ownership and Control 12, no. 1 (2014): 139–52. http://dx.doi.org/10.22495/cocv12i1p10.

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Initial public offerings, as one of the most important activities for firms, have raising massive amount of researches. Regarding China, the stock markets are experiencing a massive level of IPO underpricing, which leads to trillions of dollars leaved on the table. This study is conducted for the question why Chinese IPO are so heavily underpriced and the determinants of IPO underpricing, also the possibility of IPO be underpriced in China. We confirm again that Chinese IPOs are heavily underpriced and the average underpricing level is about 110%. Further, Chinese IPO will experience a negative short term return starting from 10 days after listing, and there are significantly different characteristics for state owned IPOs and private IPOs. This study finds that information asymmetry, proportion of state owned share and risk are the mainly determinants of IPO underpricing in China. Additionally, one of the biggest reason that Chinese initial public offering is underpriced so much is because of government participation, since we find that firms with larger proportion of government state owned shares will be more underpriced.

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Amin, Muhammad, Jianfeng Wu, and Md Ziaul Haque. "The impact of corporate political connections and executive’s international experience on Chinese firms’ initial public offerings in the USA." Journal of Entrepreneurship in Emerging Economies 12, no. 3 (September 11, 2019): 431–50. http://dx.doi.org/10.1108/jeee-04-2019-0041.

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Purpose Integrating social network theory with signaling theory, the purpose of this research is to examine the impact of corporate political connections and executive’s international experience on Chinese firms initial public offerings (IPOs) performance in the USA. Design/methodology/approach This study used Securities Data Company (SDC) New Issues database to identify all Chinese firms that went public in the USA between 2003 and 2014. Consistent with previous research, IPO firms excluded from the sample include merger or acquisitions, spin-offs and initial stage listed firms. The final sample size is of 142 Chinese foreign IPOs in the US markets. Findings This study finds that firms with political connections perform significantly poor than firms without political connections. It shows that US stock markets react to the signals of political connections of Chinese foreign IPOs. In response, the Chinese foreign IPOs can signal international work experience of top executives to US investors. The results show that the executives’ international work experience has significant positive relationships on foreign IPO performance of Chinese firms. Moreover, this study finds that the interaction between corporate political connections and international experience pursues positive effects on the performance of foreign IPOs. Originality/value This research intends to extend the knowledge of how corporate political connections and international work experience affects the performance of Chinese firms attempting to access US capital markets. To date, scholars have not investigated the influence of corporate political connections on the amount of capital raised by foreign IPOs.

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Shi, Song, Qian Sun, and Xin Zhang. "Do IPOs Affect Market Price? Evidence from China." Journal of Financial and Quantitative Analysis 53, no. 3 (June 2018): 1391–416. http://dx.doi.org/10.1017/s0022109018000091.

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We examine whether sizable initial public offerings (IPOs) affect the whole market. Using a Chinese IPO sample, we find robust evidence that sizable IPOs depress the market price on not only the listing day but also the offering (subscription) day. The impact on the market is negatively correlated with IPO size on the listing day. However, this impact is largely transitory. The China Securities Regulatory Commission (CSRC) often places a moratorium on IPOs to support the market, which seems ineffective as the negative IPO effect is transitory and moratoriums are not perceived as good news.

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Farag, Hisham, and Chris Mallin. "The Impact of the Dual Board Structure and Board Diversity: Evidence from Chinese Initial Public Offerings (IPOs)." Journal of Business Ethics 139, no. 2 (April 11, 2015): 333–49. http://dx.doi.org/10.1007/s10551-015-2649-6.

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Hua, Wei. "Specialist CEOs versus Generalist CEOs: CEO Type and Firm Performance Following Initial Public Offerings on the Chinese Market." Asian Journal of Economics and Empirical Research 9, no. 2 (November 2, 2022): 132–49. http://dx.doi.org/10.20448/ajeer.v9i2.4260.

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This study focuses on the effect of Chief Executive Officer (CEO)-level characteristics on a firm’s survival following initial public offerings (IPOs). Specifically, it looks at the impact of generalist CEOs between July 2009 and July 2021 on the likelihood of firm failure and IPO survival. This study uses principal component analysis to create a generalist skills index based on CEO work experience, including the number of roles that the CEO has held, the number of firms in which the CEO has worked, the number of industries in which the CEO has worked, whether the CEO has taken a CEO position in other firms, whether the CEO has worked in a conglomerate, and whether the CEO holds a professional title. The results of the Cox proportional hazards model reveal that companies with a generalist CEO have a higher probability of failing than companies with a specialist CEO, which suggests that generalist CEOs pursue higher salaries and higher reputations through switching between different industries and firms. Performance-related compensation and CEO turnover in companies with generalist CEOs explain the higher probability of firm failure. The main results still hold after controlling for CEO power, board and firm characteristics, and testing using the logit model. This research on the connection between generalist CEOs and a firm’s failure risk also offers insight into a company's CEO hiring choice and job market activities.

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Burke, Qing L., and Tim V. Eaton. "Alibaba Group Initial Public Offering: A Case Study of Financial Reporting Issues." Issues in Accounting Education 31, no. 4 (March 1, 2016): 449–60. http://dx.doi.org/10.2308/iace-51430.

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ABSTRACT In September 2014, the Chinese e-commerce giant Alibaba Group Holding Limited issued shares on the New York Stock Exchange, making it the world's largest initial public offering. This case examines different aspects of the Alibaba Group's initial public offering, including Alibaba Group's business model, financial reporting and corporate governance, as well as the macroeconomic, political, and legal environment in which the company operates. In addition, this case will familiarize students with the risks and opportunities for Chinese companies and investors when a Chinese company lists in the U.S. This case is suitable for financial accounting and international accounting courses at the intermediate and advanced levels for undergraduates as well as graduate students. The case is scalable, and instructors can choose from multiple sections of the case and different case questions to tailor the case difficulty to their students' learning needs.

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Leung, Charles, and Edward Chi Ho Tang. "International Real Estate Review." International Real Estate Review 18, no. 1 (March 31, 2015): 45–87. http://dx.doi.org/10.53383/100193.

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This paper argues that since China closes her asset markets, investors turn to Hong Kong instead. The initial public offerings (IPOs) of Chinese firms in the Hong Kong stock market and the local housing market of Hong Kong improve the prediction of each other, as they may serve as a coordinator of herds among investors. Alternative explanations such as the "production conjecture" and ¡§underlying factor conjecture¡¨ are found to be inconsistent with the data. Our results are also consistent with the increasing importance of Chinese tourists in the world. Directions for future research are also discussed.

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Chi, Jing, and Carol Padgett. "Short-run underpricing and its characteristics in Chinese initial public offering (IPO) markets." Research in International Business and Finance 19, no. 1 (March 2005): 71–93. http://dx.doi.org/10.1016/j.ribaf.2004.10.004.

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Baker, Raymond Reed, Gary C. Biddle, Michelle René Lowry, and Neale G. O'Connor. "Shades of Gray: Internal Control Reporting by Chinese U.S.-Listed Firms." Accounting Horizons 32, no. 4 (October 1, 2018): 1–30. http://dx.doi.org/10.2308/acch-52300.

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SYNOPSIS Chinese firms listing in the U.S. via reverse mergers (CRMs) have dominated prior media, regulator, and research attention. Yet CRMs have effectively ceased, leaving Chinese firms listing via initial public offerings (CIPOs) as the relevant remaining class of Chinese firms listing on U.S. exchanges. This study documents salient differences between CIPOs, CRMs, and U.S.-domiciled U.S.-listed firms by examining Sarbanes-Oxley Act Section 302 and 404(b) ineffective internal control (IIC) and related disclosures that underlie financial reporting quality, with three main sets of findings. First, both CIPOs and CRMs are more likely to report IICs than U.S.-domiciled counterparts. Second, both CIPOs and CRMs are more likely to under-report IICs than U.S.-domiciled counterparts (CIPO for only 302 disclosures). Third, CIPOs are both less likely to report and less likely to under-report IICs than CRMs. These findings clarify and recast prior characterizations of the internal controls underlying the reporting quality of Chinese U.S.-listed firms. JEL Classifications: G18; G34; G38; M41; M42; M48. Data Availability: All data are available from public sources.

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Yin, Haiyan, Jiawen Yang, and Jamshid Mehran. "Do Chinese banks perform better after IPOs?" Managerial Finance 41, no. 4 (April 13, 2015): 368–84. http://dx.doi.org/10.1108/mf-06-2014-0150.

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Purpose – As part of the banking reform, major commercial banks in China went through initial public offerings (IPOs) in the past two decades. Has this change in the ownership structure led to improvement in their performance? With a comprehensive data set of Chinese banks over 1999-2010, the purpose of this paper is to investigate the effects of IPOs on bank performance in China. Design/methodology/approach – The authors employ a stochastic frontier approach (SFA) to measure bank efficiency and assess the selection and dynamic effects of public listing. Findings – The authors find strong selection effects. That is, banks that choose to go public are significantly more efficient than those that do not. However, the analysis of the dynamic effects shows no evidence that bank efficiency improves after going public, either in the short run or in the long run. The authors further look into bank performance around IPO events with non-parametric analysis and find that banks significantly outperform their counterparts prior to IPOs, but this superior performance disappears immediately after IPOs. This evidence is consistent with the “window dressing” hypothesis that firms time new issues to take advantage of windows of opportunity. Originality/value – This is the first study that addresses the performance of IPO banks measured with SFA in China after 2005 when the major Chinese banks were listed.

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Chu, Xiaojun. "The impact of initial public offering lockup expirations on liquidity: Evidence from Chinese stock market." Journal of Shanghai Jiaotong University (Science) 21, no. 1 (January 22, 2016): 81–89. http://dx.doi.org/10.1007/s12204-016-1702-7.

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Pan, Fenghua, Ziyun He, Cheng Fang, Bofei Yang, and Jinshe Liang. "World City Networks Shaped by the Global Financing of Chinese Firms: A Study Based on Initial Public Offerings of Chinese Firms on the Hong Kong Stock Exchange, 1999-2017." Networks and Spatial Economics 18, no. 3 (September 2018): 751–72. http://dx.doi.org/10.1007/s11067-019-09450-z.

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Grove, Hugh, and Maclyn Clouse. "Corporate governance standards in cross-border investing: lessons learned from Chinese companies listed in the United States." Corporate Ownership and Control 11, no. 3 (2014): 429–37. http://dx.doi.org/10.22495/cocv11i3conf2p4.

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This paper will examine five Chinese company stocks that have been listed on United States exchanges with either initial public offerings (IPOs) or reverse mergers, often called reverse take-overs (RTOs). Their shares were initially well received in the market, especially as China’s economy continued to grow at rates much higher than the rest of the world’s countries, with increasing stock prices creating significant gains for their investors. However, in spite of these firms’ apparent compliance to the U. S. regulations, there is now evidence of fraud, poor auditing, and a lack of corporate governance and control. The resultant stock price declines have led to billions of dollars of losses for investors, and some of these Chinese firms have subsequently been delisted by U. S. stock exchanges. In this paper, we will show that had auditors, boards of directors, and financial analysts been more diligent and responsible, these problems could have been identified earlier than they were. Perhaps some of the investors’ losses could have been prevented

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Chen, Xinyuan, Jun Huang, Xu Li, and Tianshu Zhang. "Corporate Governance and Resource Allocation Efficiency: Evidence from IPO Regulation in China." Journal of International Accounting Research 17, no. 3 (March 1, 2018): 43–67. http://dx.doi.org/10.2308/jiar-52104.

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ABSTRACT As a requisite to issuing initial public offerings (IPOs), Chinese companies must obtain approval from the China Securities Regulatory Commission (CSRC). Using a sample of Chinese firms that applied for IPOs between 2006 and 2011, we examine the influence of corporate governance on the IPO application process and firms' post-IPO performance. We find that firms with more outside directors, smaller boards, and more balanced ownership among large shareholders are more likely to pass the IPO screening. Along similar lines, controlling shareholder ownership is negatively related to the success of IPO screening. Further analyses show that effective corporate governance plays a more important role when firms engage in more complex operations, and it plays a less important role when firms are politically connected. Finally, we find that firms with better corporate governance enjoy better post-IPO performance, indicating that resource allocation is more efficient when the CSRC values firms' corporate governance. JEL Classifications: G02; G14; M14.

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Tong, Shenghui, and Eddy Junarsin. "Do Private Firms Outperform SOE Firms after Going Public in China Given their Different Governance Characteristics?" Gadjah Mada International Journal of Business 15, no. 2 (June 12, 2013): 133. http://dx.doi.org/10.22146/gamaijb.5699.

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This study examines the characteristics of board structure that affect Chinese public firm’s financial performance. Using a sample of 871 firms with 699 observations of previously private firms and 1,914 observations of previously state-owned enterprise (SOE) firms, we investigate the differences in corporate governance between publicly listed firms that used to be pure private firms before going public and listed firms that used to be SOEs before their initial public offerings (IPOs). Our main finding is that previously private firms outperform previously SOE firms in China after IPOs. In the wake of becoming listed firms, previously SOE firms might be faced with difficulties adjusting to professional business practices to build and extend competitive advantages. In addition, favorable policies and assistance from the government to the SOE firms might have triggered complacency, especially in early years after getting listed. On the other hand, professional savvy and acumen, combined with efficiency and favorable business climate created by the government have probably led the previously private firms to improve their values stronger and faster.

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McGuinness, Paul B., and Kevin Keasey. "The Listing of Chinese State-Owned Banks and their Path to Banking and Ownership Reform." China Quarterly 201 (March 2010): 125–55. http://dx.doi.org/10.1017/s030574100999110x.

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AbstractChina's leading state-owned banks have undergone radical transformation in recent years, with six of the country's top seven players listed in both Hong Kong and Shanghai. We first consider how the banks were reorganized for initial public offering, in terms of the removal of non-performing loans and the massive recapitalization of their balance sheets. Second, and more importantly, we consider whether they have been able to retain market share, further commercialize and enhance overall financial positions post-listing. Through in-depth case analysis of the six state-owned banks, we show that post-initial public offering they have significantly improved profitability, loan book size, loan book quality and capital reserve protection. However, we caution that the debilitating effects of the global credit crunch may slow or even arrest further progress across these dimensions in the near term. We conclude that China's leading banks have benefited materially from their transition, and have accordingly developed a range of competitive and co-operative strategies not only to sustain domestic market advantage but also to penetrate overseas markets.

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McGuinness, Paul B. "The Role of Governance and Bank Funding in the Determination of Cornerstone Allocations in Chinese Equity Offers." Journal of Risk and Financial Management 12, no. 3 (July 2, 2019): 114. http://dx.doi.org/10.3390/jrfm12030114.

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This article investigates the causal factors underlying cornerstone investor (CI) participation in initial public offerings in China’s offshore Hong Kong market. Prospectus-based declarations on such allocations suggest that CI undertakings offer strong certification effects. Entrepreneurs planning for IPO thus have a material incentive to court CIs. The present analysis reveals that a firm’s pre-IPO financials and governance attributes strongly correlate with success in this field. Specifically, CI participation is greater in issuers with established long-term loan positions. Firms housing younger CEOs and a greater number of family-connected board officers also generate more CI interest. In contrast, the fraction of independent directors and women on boards exert minimal effect. However, further analysis reveals that greater independent director presence strongly supports CI participation in family-centric entities, but imparts little to no effect on such investment in either state-run or non-family-controlled private issuers. Additionally, an issuer’s political connections galvanize CI participation. Moreover, the present study highlights the importance of family resources (in non-state sponsored entities) and political connections (in state-held firms) in drawing-in CI involvement. Given the spread of CI arrangements to other primary market settings, the present enterprise also offers guidance on anchor investment elsewhere.

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Guo, Lining, and Tian Yuan. "Fuzzy regression model for forecasting impact of venture capital network and underwriter network on IPO premium." Journal of Intelligent & Fuzzy Systems 40, no. 4 (April 12, 2021): 8511–21. http://dx.doi.org/10.3233/jifs-189671.

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In recent years, social network analysis is one of the top 20 fields of artificial intelligence. Based on the network signal theory, this study examines the influence of the dual network embeddedness on the premiums of Chinese initial public offerings (IPOs). In this paper we proposed fuzzy regression model for forecasting the impact of venture capital network and underwriter network on IPO premium based on some hypothesis. We find that: (1) Enterprises embedded in the central position of venture capital network will increase the IPO secondary market premium; (2) Secondly, employing underwriter in the central position of underwriting network will increase the IPO secondary market premium; (3) As venture capital are getting closer to the central position of venture capital network, the influence of underwriter network centrality in underwriting network on the increase of IPO secondary market reaction will gradually weaken. The research shows that occupying central position both in venture capital syndication network and underwriting network have the functions of sending signals, then increase the IPO secondary market premium, but the functions of different network signals will replace each other.

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Krug, Moritz, and Tim Alexander Herberger. "Influencing factors of short- and long-term returns on IPOs in the Chinese and the U.S. capital markets: A systematic literature review." Risk Governance and Control: Financial Markets and Institutions 12, no. 2 (2022): 8–26. http://dx.doi.org/10.22495/rgcv12i2p1.

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In their studies, Loughran, Ritter, and Rydqvist (1994), Fan, Wong, and Zhang (2007), Chi and Padgett (2005) as well as Ritter (1991) show differences in the regional characteristics of underpricing and overpricing in initial public offerings (IPOs). Our study analysis the regional differences in the influencing factors of underpricing or overpricing based on a systematic literature review that is focused on the Chinese and the U.S. capital markets. Therefore, following the systematic literature review protocol, it was possible to select 38 papers published between 1988 and 2019. Our results show that stock market-specific factors are crucial for regional differentiation. Results on the correlation between stakeholder- and issuance-specific factors are at least partially contradictory. The uniformly identified correlations of stakeholder and issuance factors diverge only slightly in both markets. The investigation of the influencing factors mentioned in the studies also reveals the causal relationship that the IPO return phenomenon of underpricing is influenced by site-exclusive and site-independent factors, whereas overpricing is primarily influenced by site-independent factors. We thus close an existing research gap and satisfy an important information need of issuers and investors.

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Tian, Lihui, and Wei Zhang. "Extreme IPO underpricing." Nankai Business Review International 5, no. 2 (May 27, 2014): 225–55. http://dx.doi.org/10.1108/nbri-02-2014-0012.

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Purpose – The purpose of this paper is to model the Chinese unique regulation changes with the supply-and-demand analytical framework and structure the relationship between initial public offerings (IPO) underpricing and institutional changes with the comparative static method. A well-functioning stock market is crucial to the transition into a market economy, but the Chinese stock market is somehow twisted with frequent government interventions, particularly the IPO market. Can the underpricing issue be mitigated in the changing institutional settings? Can the market-orientated incremental reform of regulations succeed in the Chinese stock market? Design/methodology/approach – The theoretical analysis confirms that IPO underpricing becomes relatively better with dynamic changes of relaxation of the approval and pricing systems. Collecting and examining the data of newly listed firms from 1993 to 2010, the influence of institutional changes on IPO underpricing with regressions, such as ordinary least square (OLS), bootstrap and two stage least square (2SLS) estimation methods was further empirically examined. Findings – The magnitude of the Chinese IPO underpricing during the past two decades is as high as 181.6 per cent on the average. The sizes of IPO underpricing significantly reduce with an increase in the issuing sizes and the ratios of price-earnings ratios. The dummy variables of government-approved regulations are negatively associated with IPO underpricing. The dummy variables of pricing regulations are positively related to IPO underpricing and the coefficients become smaller with newer regulations. Generally, the magnitude of the Chinese IPO underpricing decreases over time. Originality/value – This paper enriches the IPO literature by dynamically examining the effect of institutional changes on IPO underpricing in Chinese primary markets. We argue that institutional changes characterized by incremental marketization can help to alleviate extreme IPO underpricing and to promote financial development. The Chinese transition from the planning system to the market system in the IPO market will be a long and strenuous process, but it works.

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Kirichenko, I., A. Kravtsov, Z. Mamedyarov, and N. Sheliubskaya. "Science and Innovation in 2019–2020: Resourcing, First Post-Crisis Assessments." Analysis and Forecasting. IMEMO Journal, no. 1 (2021): 13–30. http://dx.doi.org/10.20542/afij-2021-1-13-30.

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The impact of the COVID-19 pandemic on research and development (R&D) was a major factor for the global innovation activity in 2020. Prior to the pandemic, global R&D spending by both governments and private capital had been steadily increasing for a decade, resulting in a doubling of spending. In the US, growth was slower than in other countries, especially compared to China, causing the US share of global R&D to decline. At the end of 2020, it was clear that China's economy ended the year with fewer losses compared to the developed world, and local companies continued to increase R&D spending, which will contribute to Chinese innovation competition in the coming years. This 2020 report consists of several thematic blocks which will be retained in subsequent annual editions. First, there is a review and analysis of the most relevant information on countries' expenditures on research and development (R&D), in particular, the estimates of expenditures according to R&D World, the volume of federal funding for R&D in the USA for 2021, and the results of the annual European Innovation Scoreboard rating of innovative companies. Secondly, the results of international patenting data by country and industry are presented, using the latest available data for 2019. Third, given the importance of private companies' capital for innovation activity, a separate block includes the results of initial public offerings (IPOs) in 2020 on major stock exchanges (USA) and other platforms, as well as data on mergers and acquisitions, which remain the most important alternative to public offerings for raising capital by technology companies. Finally, the last block deals with changes in the innovation development strategies of the leading countries. The focus here is made on the implications of Brexit for the science and technology development of the UK and the EU, taking into account the parties' agreement on a trade deal for the period after the country's exit from the Union since January 1, 2021.

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Jindra, Jan, Torben Voetmann, and Ralph A. Walkling. "Private Class Action Litigation Risk of Chinese Firms Listed in the US." Quarterly Journal of Finance 07, no. 01 (February 21, 2017): 1650020. http://dx.doi.org/10.1142/s2010139216500208.

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We analyze the litigation risk of Chinese firms listed in the US. We find that firm-specific characteristics from prior literature studying US firms are not correlated with the litigation risk of US-listed Chinese firms. However, our findings indicate that the method of listing is the only reliable predictor of litigation risk — firms listing via reverse merger are significantly more likely to face lawsuits compared to firms listing via initial public offering (IPO). We find that Chinese reverse merger (CRMs) firms, relative to Chinese IPOs, have lower analyst following, similar post-listing stock performance, higher operating cash flows, smaller size, and lower cash holdings. We conclude that the litigation risk differential is consistent with the bonding hypothesis of [Stulz 1999, Globalization of Equity Markets and the Cost of Capital, Journal of Applied Corporate Finance 12, 8–25], wherein the higher litigation risk of CRMs is a reflection of increased but varying levels of monitoring, starting with the regulatory oversight at the pre-listing stage and a post-listing tradeoff between enforcement and monitoring by shareholders.

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Yang, Jie, Jieqiong Ma, and D. Harold Doty. "Family Involvement, Governmental Connections, and IPO Underpricing of SMEs in China." Family Business Review 33, no. 2 (February 11, 2020): 175–93. http://dx.doi.org/10.1177/0894486520905180.

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This study draws on institutional theory to explore the relationship between family involvement, governmental connections, and initial public offering (IPO) underpricing in China. We explore these relationships using a sample of 577 manufacturing firms listed on the small and medium enterprises board of the Shenzhen Stock Exchange over a 10-year period (2004-2014). In contrast with previous literature, we found that Chinese family firms tend to exhibit less IPO underpricing than nonfamily firms. In addition, we found family members’ political ties enhance the negative relationship between family involvement and IPO underpricing. In contrast, state ownership mitigates the above relationship.

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Schilit, W. Keith. "Initial Public Offerings." Journal of Investing 7, no. 4 (November 30, 1998): 76–98. http://dx.doi.org/10.3905/joi.1998.408474.

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Ibbotson, Roger G., Jody L. Sindelar, and Jay R. Ritter. "INITIAL PUBLIC OFFERINGS." Journal of Applied Corporate Finance 1, no. 2 (June 1988): 37–45. http://dx.doi.org/10.1111/j.1745-6622.1988.tb00164.x.

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Amin, Muhammad, Jianfeng Wu, and Rungting Tu. "Signaling value of top management team." Chinese Management Studies 13, no. 3 (August 5, 2019): 531–49. http://dx.doi.org/10.1108/cms-04-2017-0097.

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Purpose The purpose of this paper is to integrate the upper echelon theory with signaling theory and examine the impact of top management team (TMT) on the initial public offering (IPO) performance of Chinese firms in the USA. Design/methodology/approach This study used Security Data Corporation (SDC) that is a central database for foreign IPOs in the USA. The authors identified 142 Chinese firms that issued stocks on the US markets between 2003 and 2014. This study used firm’s final prospectuses to collect data manually. Findings This study finds that the TMT characteristics such as functional heterogeneity and international exposure convey the positive signal of firm’s legitimacy to the US investors and increase the IPO performance. Originality/value This study extends the upper echelon perspective that has previously overlooked the signaling value of TMT characteristics in the foreign IPO studies. The top management plays an important role to the firm’s successful foreign market listing. Since China joined the WTO in 2001, a large number of Chinese firms have started IPOs in the USA, but there is a dearth of research on these firms. This study aims to contribute to the study of international business and management and describes that the TMT functional heterogeneity and international exposure have a significant role in the success of Chinese foreign IPOs.

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Duan, Jingyi, and Nikhilesh Dholakia. "The reshaping of Chinese consumer values in the social media era." Qualitative Market Research: An International Journal 18, no. 4 (September 14, 2015): 409–26. http://dx.doi.org/10.1108/qmr-07-2014-0058.

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Purpose – The purpose of this paper is to investigate how, in China, postings on social media site Weibo reflect as well as accelerate the reshaping of traditional values. As Chinese social media extend their reach outside China, the displays of visible desire, hedonism and materialism could influence global consumption ethos. Design/methodology/approach – Using interpretive content analysis, over 250 Weibo postings of 8 selected Weibo users, from the network of one of the authors, were identified, coded and interpreted. The users were selected based on their frequency, variety and expressiveness of postings. Findings – Weibo is playing a critical role in transforming Chinese consumer values. Via Weibo, personal consumption experiences are available for public gaze. Consequently, desire for powerfully signified objects and experiences is more visible; “enjoy now” is turning out to be an appreciated life attitude, and materialism and hedonism are growing irresistibly. As a result, the traditional Chinese consumer values – suppressing desire, delaying gratification and thriftiness – are losing ground in Chinese society. Also, as Weibo makes the influence of the elite as well as electronic word-of-mouth very powerful, the values of the elite and grassroots groups are actually converging instead of being separated by substantial chasms that have existed historically. Practical implications – Sina Weibo had a US initial public offering (IPO) of its stock in April, 2014, and many other China-based Internet firms were getting set for US IPOs. This paper provides unique insights for Chinese social media companies’ potential global impact. Future social media contexts would be shaped by collision as well as convergence of Asia-centric and USA-centric platforms. This paper lays the groundwork for studying such interactions. Originality/value – In-depth interpretations of Weibo postings contribute to our understanding of how social media impact Chinese society now and would potentially affect global societies later. This is a pioneering study on the massive influences of social media on the macro-level consumer behavior.

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Li, Rui, Wei Liu, Yong Liu, and Sang-Bing Tsai. "IPO Underpricing After the 2008 Financial Crisis: A Study of the Chinese Stock Markets." Sustainability 10, no. 8 (August 10, 2018): 2844. http://dx.doi.org/10.3390/su10082844.

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A firm’s capability of raising funding is closely related to its sustainable development. With a more efficient allocation of funding among the whole society, social resources will be better utilized. Initial Public Offering (IPO) can indeed be an effective means of raising capital for corporate ventures. Using 1069 firms which completed IPOs on Chinese stock exchanges between 1st January 2004 and 1st January 2013, we investigate the difference in IPO underpricing before and after the 2008 financial crisis. Based on OLS regression models, we find that the IPOs are less underpriced in the post-crisis period. We examine the moderating effects of firm size on the difference in IPO underpricing between pre- and post-crisis periods, finding that small firms experienced less IPO underpricing than large firms after the financial crisis. After applying different model specifications such as Robust and OProbit regressions, the results remain consistent. Our study contributes to understanding the dynamics and influences of the financial crisis on firms’ IPO cost from the perspective of information asymmetry.

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Hu, Zhiqiang, Yuan Hu, Yushan Jiang, and Zhen Peng. "Pricing Constraint and the Complexity of IPO Timing in the Stock Market: A Dynamic Game Analysis." Entropy 22, no. 5 (May 13, 2020): 546. http://dx.doi.org/10.3390/e22050546.

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The timing of an initial public offering (IPO) is a complex dynamic game in the stock market. Based on a dynamic game model with the real option, this paper investigates the relationship between pricing constraint and the complexity of IPO timing in the stock market, and further discusses its mechanism. The model shows that the IPO pricing constraint reduced the exercise value of the real option of IPO timing, thus restricting the enterprise’s independent timing and promoting an earlier listing. The IPO price limit has a stronger effect on high-trait enterprises, such as technology enterprises. Lowering the upper limit of the pricing constraint increases the probability that enterprises are bound by this restriction during IPO. A high discount cost and stock-market volatility are also reasons for early listing. This paper suggests a theoretical explanation for the mechanism of the pricing constraint on IPO timing in the complex market environment, which is an extension of IPO timing theory, itself an interpretation of the IPO behavior of Chinese enterprises. These findings provide new insights in understanding the complexity of IPOs in relation to the Chinese stock market.

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Schultz, Paul. "Unit initial public offerings." Journal of Financial Economics 34, no. 2 (October 1993): 199–229. http://dx.doi.org/10.1016/0304-405x(93)90018-7.

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Wasserfallen, Walter, and Christian Wittleder. "Pricing initial public offerings." European Economic Review 38, no. 7 (August 1994): 1505–17. http://dx.doi.org/10.1016/0014-2921(94)90023-x.

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Jenkinson, Tim. "Initial Public Offerings: Introduction." European Financial Management 15, no. 4 (September 2009): 701–2. http://dx.doi.org/10.1111/j.1468-036x.2009.00513.x.

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Cui, Nan, Peng Xie, Yiran Jiang, and Lan Xu. "How home country identity salience affects emerging market companies' overseas IPO performance: an empirical investigation from China." International Marketing Review 38, no. 4 (January 7, 2021): 780–99. http://dx.doi.org/10.1108/imr-02-2019-0066.

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PurposeThe purpose of the current study is to examine how and when home country identity salience of emerging market companies affects their overseas initial public offering (IPO) performanceDesign/methodology/approachBy using secondary data from multiple sources, this study empirically tests the proposed research framework in the context of Chinese companies' overseas IPO activities in the US stock markets.FindingsThe results demonstrate that home country identity salience positively affects overseas IPO performance, and thus can be recognized as the asset of foreignness. Cultural specification positively moderates the effect of home country identity salience on overseas IPO performance. Market internationalization also plays an important moderating role in the relationship between home country identity salience and overseas IPO performance.Originality/valueThe current study identifies a new factor, that is, home country identity salience, that can mitigate the liability of foreignness for emerging market companies in their overseas IPO activities. The study also documents the positive cultural impacts on overseas investors in a financial and international context.

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Brau, James C., Patricia A. Ryan, and Irv DeGraw. "Initial Public Offerings: CFO Perceptions." Financial Review 41, no. 4 (November 2006): 483–511. http://dx.doi.org/10.1111/j.1540-6288.2006.00154.x.

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Chang, Kuo-Ping, and Yu-Min Tang. "Pricing Taiwan's Initial Public Offerings." Asia-Pacific Journal of Accounting & Economics 14, no. 1 (April 2007): 69–84. http://dx.doi.org/10.1080/16081625.2007.9720788.

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Willenborg, Michael, and James C. McKeown. "Going-concern initial public offerings." Journal of Accounting and Economics 30, no. 3 (December 2000): 279–313. http://dx.doi.org/10.1016/s0165-4101(01)00014-3.

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Hao, Qing. "Laddering in initial public offerings." Journal of Financial Economics 85, no. 1 (July 2007): 102–22. http://dx.doi.org/10.1016/j.jfineco.2006.05.008.

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Loughran, Tim, Jay R. Ritter, and Kristian Rydqvist. "Initial public offerings: International insights." Pacific-Basin Finance Journal 2, no. 2-3 (May 1994): 165–99. http://dx.doi.org/10.1016/0927-538x(94)90016-7.

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Loughran, Tim, Jay R. Ritter, and Kristian Rydqvist. "Initial public offerings: International insights." Pacific-Basin Finance Journal 3, no. 1 (May 1995): 139–40. http://dx.doi.org/10.1016/0927-538x(95)99082-d.

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Journal articles on the topic 'Chinese initial public offerings'

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