Proceedings of the 2022 7th International Conference on Social Sciences and Economic Development (ICSSED 2022)

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.

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Volume Title
Proceedings of the 2022 7th International Conference on Social Sciences and Economic Development (ICSSED 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
29 April 2022
ISBN
978-94-6239-572-5
ISSN
2352-5428
DOI
10.2991/aebmr.k.220405.316How to use a DOI?
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  -