我国股票上市后市场表现的实证研究

下载PDF

导出

摘要本文借鉴西方关于股票上市后市场表现的研究成果,结合我国股市的实际,选取沪市101只股票作为样本,计算上市公司上市后的超常回报率及购买持有回报率,并运用统计方法分析得出,我国首次公开发行股票上市后的短期、中期市场表现不优于市场的整体表现,但长期表现优于市场的整体表现。

作者杨文

机构地区福建农林大学经济与管理学院

出处《技术经济》 2006年第1期68-70,共3页 Journal of Technology Economics

关键词股票上市市场表现

参考文献5

1Bharat A. Jain and Omesh Kini,. The Post - Issue Operating Performance of IPO Firms [J]. Journal of Finance, December 1994: 1699- 1726.
2Halil Kiymaz. The initial and aftermarket performance of IPOs in an emerging market: evidence from Istanbul stock exchange [J]. Journal of Multinational Financial Management 10(2000):213 - 227.
3Jay R. Ritter. The Long - Run Performance of Initial Public Offerings [J]. Journal of Finance , March 1991:3 - 27.
4李博,吴世农.中国股市新股发行(IPOs)的初始收益率研究[J].南开管理评论,2000,3(5):31-36. 被引量：76
5沈艺峰,陈雪颖.我国首次公开发行股票的实证研究[J].厦门大学学报（哲学社会科学版）,2002,52(2):79-87. 被引量：26

1[1]Allen, Franklin & Gerald R·Faulhaber, "Signaling by Underpricing in the IPO Market", Journal of Financial Economics, 23 (1989).
2[2]Home, James C. Van, "New Listings and Their Price Behavior", Journal of Finance, September, 1970.
3[3]Ibbotson, Roger G., "Price Performance of Common Stock New Issues", Journal of Financial Economics, 2 (1975).
4[4]McConnell, John J. & Cary C. Sanger, "The Puzzle in Post-Listing Common Stock Returns" , Jorunal of Finance, March, 1987.
5[5]Reillg, Frank K. "Further Evidence on Short-run Results for New Investors", Journal of Finance and Quantitative Analysis, January, 1973.
6[6]Rajan, Raghuram & Henri Servaes, "Analyst Following of Initial Public Offerings", Journal of Finance, June, 1997.
7[7]Tinic, Seha M., "Anatomy of Initial Public Offerings of Comnion Stock", Journal of Finance, September, 1988.
8[8]参见Franklin Allen & Gerald R. Faulhaber, "Signaling by Underpricing In the IPO Market", Journal of Financial Economics 23 (1989).
9REILLY, F. K. and K. HATFELD, 1969, Investor Experience with New Stock Issues[J]. Financial Analysts Journal September- October, 73-80.
10MADONALD, J. G. and A. K. FISHER, 1972, New- Issue Stock Price Behavior[J]. Journal of Finance 25, 97-102.

技术经济

2006年第1期

内容加载中请稍等...