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中外新股抑价比较 被引量：5

Comparing the Prohibitive Price of theNew Share between China and Foreign Countries
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摘要 新股发行定价偏低是全球新股发行市场普遍存在的现象 ,到目前为止 ,新股抑价仍然是困扰金融学界的难题 ,国内外许多学者从不同的理论和实证角度对这一现象进行了解释。但如何结合中国IPO市场实际 ,借鉴国外新股发行理论来完善我国新股的市场化改革 。 The lower price of the issued new share is a common appearance in the world.Till now the prohibitive price of the new share still interrupts the financial community.A lot of scholars in the world dwell on this problem from different aspects.But it is an urgent problem for China how to better the reform of the new share market by using the experience of other countries for reference.
作者 张庆伟 杨方步
机构地区 青岛大学经济学院 泰安城市信用社
出处 《税务与经济》 CSSCI 北大核心 2003年第1期18-21,共4页 Taxation and Economy
关键词 新股抑价 比较 IPO市场 中国 外国 新股发行价格 new share prohibitive price IPO market
分类号 F830.91 [经济管理—金融学] F832.51 [经济管理—金融学]
  • 相关文献

参考文献8

  • 1[1]Michel A.t & Alexander P.L. Underpricing and Entrepreneurial Wealth Losses in IPO: Theory and Evidence[J] .The Review of Financial Studies, 2005,14(2) :433 - 458.
  • 2[2]Jay R. Ritter. Initial Public Offerings[ ]. Warren Gorham & Lamont Handbook of Modern Finance, 1998,2(1):5- 30.
  • 3[3]Ibbotson, R. G. Price Performance of Common Stock New Issue[ J]. Journal of Financial Economics, 1975, (2):235- 272.
  • 4[4]Longhran,T. &J. R. Ritter. The New Lssues Puzzle[ J] . Journal of Finance, 1995, (50) :23 - 51.
  • 5[5]Ibbotson, R. G., Slinderlar & J. R. Ritter. The Market' s Problems with the Pricing of Initial Public Offerings[ J]. Journal of Applied Corporate Finance, 1994, (7) :66 - 74.
  • 6[6]Rock. K. Why New Issue Are Underpricing[ J]. Jornal of Financial Economics, 1986, (15): 187 - 212.
  • 7傅建设.论核准制下的新股竞价发行[J].证券市场导报,2001(11):68-71. 被引量：1
  • 8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

二级参考文献19

  • 1REILLY, F. K. and K. HATFELD, 1969, Investor Experience with New Stock Issues[J]. Financial Analysts Journal September- October, 73-80.
  • 2MADONALD, J. G. and A. K. FISHER, 1972, New- Issue Stock Price Behavior[J]. Journal of Finance 25, 97-102.
  • 3LOGUE, D. E., 1973, On the Pricing of Unseasoned Equity Issues: 1965-1969 [J]. Journal of Financial and Quantitative Analysis 8, 91-103.
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  • 6CHALK, A. J. and J. W. PEAVY Ⅲ, 1987, Initial Public Offerings: Daily Returns, Offering Types and the Price Effect [J]. Financial Analysis Journal (September-October), 65-70.
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  • 8BARRY, C. B. and R. H. JENNINGS, 1993, The Opening Price Performance of Initial Public Offerings of Common Stock[J], Financial Management (Spring), 54-63.
  • 9JOG, V. M. and A. L. RIDING, 1987, Underpricing in Canadian IPOs[J]. Financial Analysts Journal (November- December), 48-55.
  • 10RITTER, J. R., 1984, The "Hot Issue" Market of 1980[J]. Journal of Business 57, 215-240.

共引文献25

同被引文献24

  • 1Ibbotson R.G. Price performance of common stock new issue [J]. Journal of Financial Economics, 1975,(2): 235-272.
  • 2Miller R.E., Reilly F. K. An examination of mispricing, returns, and uncertainty for initial public offerings [J]. Financial Management, 1987,16(2): 33-38.
  • 3Carter R., S. Manaster. Initial public offerings and underwriter reputation [J]. Journal of Finance, 1990,(45): 1045-1068.
  • 4Ibbotson R.G., Slinderlar, J.R.Ritter. The market′s problems with the pricing of initial public offerings [J]. Journal of Applied Corporate Finance, 1994,(7): 66-74.
  • 5Loughran T., J. R.Ritte. The new issues puzzle [J]. Journal of Finance, 1995,(50): 23-51.
  • 6Baker M., J. Wurgler. The equity share in new issues and aggregate stock returns [J]. Journal of Finance, 2000,(55): 2219-2257.
  • 7Loughran T., J. Ritter, K. Rydquist. Initial public offerings: international insights [J]. Pacific-Basin Finance Journal, 1994,(57): 215-240.
  • 8成思危 诊断与治疗.揭示中国的股票市场 [M].北京:经济科学出版社,2003.156-158.
  • 9WillianH Greene.Econometrics Analysis [M].北京:清华大学出版社,2001.390-391.
  • 10杨瑞龙,赖步连,周业安.公司上市定价的经济学解释[J].中国工业经济,1999(9):16-21. 被引量：9

引证文献5

二级引证文献2

税务与经济
2003年 第1期

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