Short-Term Performance of U.S.-Bound Chinese IPOs

Short-Term Performance of U.S.-Bound Chinese IPOs

Firms from emerging markets, including China, increasingly seek to raise capital outside of their home markets. We examine the short‐term performance of U.S.‐bound Chinese initial public offerings (IPOs) and find that these IPOs have significantly lower underpricing than a matched sample of U.S. cou...

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Veröffentlicht in:The Financial review (Buffalo, N.Y.) N.Y.), 2015-02, Vol.50 (1), p.121-141
Hauptverfasser: Haggard, K. Stephen, Walkup, Brian R., Xi, Yaoyi
Format: Artikel
Sprache:eng
Schlagworte:
Emerging markets
G15
G32
Initial public offerings
IPO
offer price revision
Studies
U.S.-bound Chinese IPOs
underpricing
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Zusammenfassung:Firms from emerging markets, including China, increasingly seek to raise capital outside of their home markets. We examine the short‐term performance of U.S.‐bound Chinese initial public offerings (IPOs) and find that these IPOs have significantly lower underpricing than a matched sample of U.S. counterparts. We also find that the magnitude of IPO underpricing for U.S.‐bound Chinese firms is positively related to revisions in offer price.
ISSN:0732-8516
1540-6288
DOI:10.1111/fire.12062