英国IPO长期表现及影响因素实证分析

An Empirical Investigation into the Long-run Performance of the IPOs in the UK and Its Influencing Factors

新股长期表现是继短期抑价之后IPO市场又一热门话题,通过实证分析验证股市是否存在长期弱势,什么因素导致长期弱势这些问题。所选代表IPO均上市于伦敦证券交易所,运用平均超额累计收益率(CAAR)、T检测以及OLS回归分析方法验证英国IPO是否长期表现异常,如果存在,其影响因素又有哪些。

The long-run underperformance of Initial Public Offerings（IPO） is another hot issue in stock market followed by short-run underpricing. In this paper, three methods, namely, cumulative average abnormal return（CAAR）, T-test ？and ordinary least-square regression（OLS） analysis are used to examine whether there exists a long-run underperformance of the IPOs at the London Stock Exchange（LSE） and its influencing factors.