Abstract

http://ssrn.com/abstract=1784134
 
 

Citations (1)



 


 



Growth Enterprise Board Initial Public Offerings: Characteristics, Volatility and the Initial-Day Performance


Haifeng Guo


affiliation not provided to SSRN

Hung‐Gay Fung


University of Missouri at Saint Louis - College of Business Administration


China & World Economy, Vol. 19, No. 1, pp. 106-121, 2011

Abstract:     
We use the Chinese initial public offering data from October 2009 to August 2010 to examine the newly-established growth enterprise board (GEB). The results indicate that the GEB has been successful and is providing a viable channel for new small and medium-sized firms to raise external capital. Four variables, the volatility variable, the turnover ratio, the winning lottery ratio and the price-earnings ratio, are important factors driving the initial-day returns in the regression analysis. The implementation of the new trading-halts policy on the GEB is found to be effective in mitigating excessive speculation. Our analysis results could be used by policy-makers to gauge the effects of policy changes on the underpricing of the initial public offerings of the GEB.

Number of Pages in PDF File: 16

Keywords: Chinese initial public offerings, regulation, trading halts, underpricing

JEL Classification: G15, G32, O16

Accepted Paper Series


Date posted: March 14, 2011  

Suggested Citation

Guo, Haifeng and Fung, Hung‐Gay, Growth Enterprise Board Initial Public Offerings: Characteristics, Volatility and the Initial-Day Performance. China & World Economy, Vol. 19, No. 1, pp. 106-121, 2011. Available at SSRN: http://ssrn.com/abstract=1784134 or http://dx.doi.org/10.1111/j.1749-124X.2011.01229.x

Contact Information

Haifeng Guo
affiliation not provided to SSRN
Hung-Gay Fung (Contact Author)
University of Missouri at Saint Louis - College of Business Administration ( email )
8001 Natural Bridge Road
St. Louis, MO 63121
United States
Feedback to SSRN


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