Does Going Public in Different Stock Markets Affect the First-Day Return of Chinese IPO?
Authors
Ju Guan1, †, Zaoxing Hu2, *, †, Tianyi Wang3, †, Banglin Yin4, †
1Tsinghua University, Beijing, China
2Wenzhou-Kean University, Wenzhou, China
3University of California Irvine, Los Angeles, USA
4University of Melbourne, Melbourne, Australia
†
These authors contributed equally.
*Corresponding author. Email: zaoxingh@kean.edu
Corresponding Author
Zaoxing Hu
Available Online 29 April 2022.
- DOI
- 10.2991/aebmr.k.220405.316How to use a DOI?
- Keywords
- Initial Public offering; Dual-listing; First-day return; Political economics; Overpricing
- Abstract
This paper talks about the relationship between going public and Chinese listed companies’ first-day return. The dual listing becomes a more popular choice for companies to get equity financing because it can help companies receive a higher initial return on the first day of going public and approach a higher financial market efficiency. To investigate this relationship, we collect data of companies who choose to dual list from wind databases. Our results found that going public in both the Hongkong market and A-shares, companies can have higher first-day returns. However, when companies go public in both the Hongkong and U.S. markets, the result is not statistically significant.
- Copyright
- © 2022 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article distributed under the CC BY-NC 4.0 license.
Cite this article
TY - CONF AU - Ju Guan AU - Zaoxing Hu AU - Tianyi Wang AU - Banglin Yin PY - 2022 DA - 2022/04/29 TI - Does Going Public in Different Stock Markets Affect the First-Day Return of Chinese IPO? BT - Proceedings of the 2022 7th International Conference on Social Sciences and Economic Development (ICSSED 2022) PB - Atlantis Press SP - 1887 EP - 1891 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.220405.316 DO - 10.2991/aebmr.k.220405.316 ID - Guan2022 ER -