In the context of China’s drive to alleviate poverty,we focus on the initial public offering(IPO)firms located in China’s poor counties and investigate their IPO pricing and post-IPO performance.Contrary to the find...In the context of China’s drive to alleviate poverty,we focus on the initial public offering(IPO)firms located in China’s poor counties and investigate their IPO pricing and post-IPO performance.Contrary to the findings reported for the U.S.,we find that the problem of information asymmetry between Chinese firms located in rural areas and their investors is so severe that these IPO firms are associated with significantly higher underpricing.This effect is more pronounced for firms located in rural areas with poor traffic systems.We do not find significant market performance differences between rural and urban firms after their IPOs,but the operating performance of rural firms improves in the short term.Our additional analyses indicate that rural IPO firms have significantly lower investor attention and higher agency costs than urban firms.Overall,we enrich the literature on IPO pricing and the economic effects of geographic location.展开更多
This study examines the effectiveness of China's National Poor Counties(NPC)program,a decentralized anti-poverty initiative,by analyzing five rounds of individual-level panel data from 1988 to 2008.The impact of t...This study examines the effectiveness of China's National Poor Counties(NPC)program,a decentralized anti-poverty initiative,by analyzing five rounds of individual-level panel data from 1988 to 2008.The impact of two waves of the NPC program(1994 and 2001)is evaluated utilizing a panel fixed-effects regression model.The results indicate substantial positive effects,with residents in NPC counties experiencing a 47 percent income increase,3.1 percent higher employment rates,and a 5.7 percent rise in household expenditure from 1988 to 2008,in comparison with non-NPC counties.Notably,the program benefited vulnerable populations,dispelling concerns about"elite capture."The study also reveals that evolving policy focus has played a pivotal role in sustaining the effects of the program over time.The 1994 round prioritized low-skilled employment,and the 2001 wave emphasized productivity enhancement through skills development.These findings highlight the continued efficacy of decentralized anti-povertyefforts.展开更多
基金financial support of the National Natural Science Foundation of China(71902187)the Fundamental Research Funds for the Central Universities at the Zhongnan University of Economics and Law(202111146)
文摘In the context of China’s drive to alleviate poverty,we focus on the initial public offering(IPO)firms located in China’s poor counties and investigate their IPO pricing and post-IPO performance.Contrary to the findings reported for the U.S.,we find that the problem of information asymmetry between Chinese firms located in rural areas and their investors is so severe that these IPO firms are associated with significantly higher underpricing.This effect is more pronounced for firms located in rural areas with poor traffic systems.We do not find significant market performance differences between rural and urban firms after their IPOs,but the operating performance of rural firms improves in the short term.Our additional analyses indicate that rural IPO firms have significantly lower investor attention and higher agency costs than urban firms.Overall,we enrich the literature on IPO pricing and the economic effects of geographic location.
基金Authorship is shared equally between authors.The authors are grateful for support from Natural Science Foundation of Zhejiang Province(No.LR22G030003)the National Natural Science Foundation of China(No.72273131)+1 种基金Major Project of the Humanities and Social Sciences Key Research Base of the Ministry of Education(No.22JJD790075)the Cyrus Tang Foundation(ZJU Tang Scholar 202105).
文摘This study examines the effectiveness of China's National Poor Counties(NPC)program,a decentralized anti-poverty initiative,by analyzing five rounds of individual-level panel data from 1988 to 2008.The impact of two waves of the NPC program(1994 and 2001)is evaluated utilizing a panel fixed-effects regression model.The results indicate substantial positive effects,with residents in NPC counties experiencing a 47 percent income increase,3.1 percent higher employment rates,and a 5.7 percent rise in household expenditure from 1988 to 2008,in comparison with non-NPC counties.Notably,the program benefited vulnerable populations,dispelling concerns about"elite capture."The study also reveals that evolving policy focus has played a pivotal role in sustaining the effects of the program over time.The 1994 round prioritized low-skilled employment,and the 2001 wave emphasized productivity enhancement through skills development.These findings highlight the continued efficacy of decentralized anti-povertyefforts.
