Research on Investment Bank Reputation and IPO Underpricing

DOI

10.2991/978-94-6463-441-9_73How to use a DOI?

Keywords

Investment bank reputation; IPO; underpricing

Abstract

A large number of foreign studies have verified the reputation theory of investment banks. The IPO underwritten by well-known investment banks is lower than that underwritten by ordinary investment banks. Whether this conclusion suitable for developed countries can be suitable for China's securities market is controversial in the theoretical circle. Taking 460 new shares in Shanghai and Shenzhen A-share IPO markets from January 2020 to December 2021 as the research sample.This paper conducts an empirical study on the adaptability of investment bank reputation model in China. The results show that this conclusion does not apply to the low information efficiency of China's investment banks and issuing markets.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Download article (PDF)

TY  - CONF
AU  - Zijun Wang
PY  - 2024
DA  - 2024/06/21
TI  - Research on Investment Bank Reputation and IPO Underpricing
BT  - Proceedings of the 2023 International Conference on Economic Management，Financial Innovation and Public Service (EMFIPS 2023)
PB  - Atlantis Press
SP  - 867
EP  - 876
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-441-9_73
DO  - 10.2991/978-94-6463-441-9_73
ID  - Wang2024
ER  -