Search

Includes bibliographical references (pages 51-60)., Includes abstract.

Essay I Prudent Innovation: How Firm Overvaluation at IPO Shapes Innovation In this study, I examine how firm overvaluation at IPO affects firm innovation after its public offering. Using propensity score matching and differences-in-differences research designs, I show that firms that are overvalued at IPO produce more internal patents and acquire more external patents than their non-overvalued counterparts in the years following an IPO. Furthermore, I find that the innovation of these overvalued firms becomes more exploitative in nature and is accompanied by a lower level of R&D intensity post-IPO. Collectively, the results suggest that firms that are overvalued at IPO adopt a more prudent innovative strategy, which attempts to balance long term innovative growth prospects by signaling sustained future growth through increased patent output, and short-term performance imperative by avoiding unnecessary risks through exploitative innovation. Essay II Effect of Accounting Financial Experts on Innovation in Newly IPO firms and the Mediating Role of Real Earnings Management Accounting financial experts (AFEs) on corporate boards play an important role in board governance. Beyond the positive effects shown by prior literature that AFE has on improved monitoring, my study attempts to highlight the direct and indirect consequences of AFE on innovation. Analyzing five-years panel data of innovative firms that performed an IPO during the post-SOX period of 2004-2010, I document a negative direct association between AFE on boards and future corporate innovation as measured through patenting outcomes (patent quantity and quality). Additionally, I also find evidence that real earnings management (REM) mediates this relationship. Using path analysis, I find that high AFE power on boards results in firms being more likely to engage in discretionary R&D cuts for the purpose of manipulating earnings to achieve financial targets, and that such REM related R&D cuts ultimately have a

Essay I Prudent Innovation: How Firm Overvaluation at IPO Shapes Innovation In this study, I examine how firm overvaluation at IPO affects firm innovation after its public offering. Using propensity score matching and differences-in-differences research designs, I show that firms that are overvalued at IPO produce more internal patents and acquire more external patents than their non-overvalued counterparts in the years following an IPO. Furthermore, I find that the innovation of these overvalued firms becomes more exploitative in nature and is accompanied by a lower level of R&D intensity post-IPO. Collectively, the results suggest that firms that are overvalued at IPO adopt a more prudent innovative strategy, which attempts to balance long term innovative growth prospects by signaling sustained future growth through increased patent output, and short-term performance imperative by avoiding unnecessary risks through exploitative innovation. Essay II Effect of Accounting Financial Experts on Innovation in Newly IPO firms and the Mediating Role of Real Earnings Management Accounting financial experts (AFEs) on corporate boards play an important role in board governance. Beyond the positive effects shown by prior literature that AFE has on improved monitoring, my study attempts to highlight the direct and indirect consequences of AFE on innovation. Analyzing five-years panel data of innovative firms that performed an IPO during the post-SOX period of 2004-2010, I document a negative direct association between AFE on boards and future corporate innovation as measured through patenting outcomes (patent quantity and quality). Additionally, I also find evidence that real earnings management (REM) mediates this relationship. Using path analysis, I find that high AFE power on boards results in firms being more likely to engage in discretionary R&D cuts for the purpose of manipulating earnings to achieve financial targets, and that such REM related R&D cuts ultimately have a

Essay I Prudent Innovation: How Firm Overvaluation at IPO Shapes Innovation In this study, I examine how firm overvaluation at IPO affects firm innovation after its public offering. Using propensity score matching and differences-in-differences research designs, I show that firms that are overvalued at IPO produce more internal patents and acquire more external patents than their non-overvalued counterparts in the years following an IPO. Furthermore, I find that the innovation of these overvalued firms becomes more exploitative in nature and is accompanied by a lower level of R&D intensity post-IPO. Collectively, the results suggest that firms that are overvalued at IPO adopt a more prudent innovative strategy, which attempts to balance long term innovative growth prospects by signaling sustained future growth through increased patent output, and short-term performance imperative by avoiding unnecessary risks through exploitative innovation. Essay II Effect of Accounting Financial Experts on Innovation in Newly IPO firms and the Mediating Role of Real Earnings Management Accounting financial experts (AFEs) on corporate boards play an important role in board governance. Beyond the positive effects shown by prior literature that AFE has on improved monitoring, my study attempts to highlight the direct and indirect consequences of AFE on innovation. Analyzing five-years panel data of innovative firms that performed an IPO during the post-SOX period of 2004-2010, I document a negative direct association between AFE on boards and future corporate innovation as measured through patenting outcomes (patent quantity and quality). Additionally, I also find evidence that real earnings management (REM) mediates this relationship. Using path analysis, I find that high AFE power on boards results in firms being more likely to engage in discretionary R&D cuts for the purpose of manipulating earnings to achieve financial targets, and that such REM related R&D cuts ultimately have a

This paper explores one possible channel that could explain part of the large IPO underpricing of firms listed in the Small and Medium Enterprise Board of Shenzhen Stock Exchange in China. Firms use underpricing to signal their growth potential and attract bank-related investors to establish banking relationship via them. The underpricing cost may be recovered from financing future projects with cheap bank loans brought by the banking relationship. We find the IPO underpricing level is significantly and positively related to the number of firms’ bank-related investors and the offline allocation of new shares to these investors for the private firms only. And this relationship is dramatically weakened by policy changes aiming to address financing problems for the small- and medium-size firms. We also find firms with high level of underpricing and more bank-related investors will experience better financial conditions after IPO, including having higher chance of conducting SEOs, higher cumulative loan growth, and less investment-cash flow sensitivity.

Xu, Lin., Thesis (Ph.D.)--Chinese University of Hong Kong, 2013., Includes bibliographical references (leaves 128-131)., Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web., also in Chinese., http://library.cuhk.edu.hk/record=b5884466, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Initial Public Offerings (IPOs) offer a fresh source of capital that is vital to the growth of the company and provides the company and existing shareholders a liquid market for their shares. An IPO renders investors an opportunity to share in the rewards of the growth of the company. However, empirical evidence indicates that IPOs have a high level of initial underpricing and poor long run performance. The high rate of initial underpricing is detrimental to both the company and existing shareholders since they are not able to attract the much needed capital to either finance their investment projects or to harvest as a means to get out of the business and ideally reap the value (cash flow) from their investment. Also, the long run underperformance of IPO shares hurts the investors, since they do not get an opportunity to earn superior long run returns from their investments. The high rate of initial underpricing and long run underperformance have been accompanied by high failure rates and low success rates of IPOs all around the world. This has resulted in IPO companies earning very poor long run returns, and has led to a loss of confidence from investors and cast a pall on the IPO market. Investors typically have very little information about the companies going public and their behavior in early trading is conditioned by basic information. Because of uncertainty about the value of the company, asymmetric information exists between informed and uninformed investors. This as a result has placed investors in a challenging position, where they find it difficult to get sufficient information that can enable them make informed decisions. Consequently, most uninformed investors end up with a bulk of the least desirable shares, yielding poor long run returns (Asma, 2010:9). Thus, in order for investors to maximise their returns, there is a need to critically improve the IPO selection process. In improving the IPO selection process, several factors and characteristics hav

Summary: I examine the presence of earnings management at pre-IPO and lockup periods. Motivated by significant post-lockup insider sales documented in prior research, I investigate whether insiders (managers and venture capitalists) inflate earnings around the lockup period in order to increase share price and maximize personal wealth from selling shares at lockup expiration. I also compare levels of earnings management in the pre-IPO and lockup periods with those in the post-lockup period. Prior research also documents that auditor quality mitigates earnings management behavior. I explore the impact of auditor quality in the unique setting of IPO lockups. ... Cross-sectional analysis reveals that my sample IPO firms also utilize real-activities manipulation, but only in the early pre-IPO period. The results are robust with respect to alternative abnormal accruals and real-activities measures. I also find that IPO firms that hire prestigious auditors experience less earnings management in the lockup period than firms with lower-quality auditors, after controlling for the monitoring role of venture capitalist and underwriter reputation., by Lizhong Hao., Thesis (Ph.D.)--Florida Atlantic University, 2013., Includes bibliography., Mode of access: World Wide Web., System requirements: Adobe Reader.

By doing so, we contribute to the existing literature in at least the following aspects, First, contrasted with Chakravarty (2001) which finds that cumulative price change is mainly caused by institutional investors, we document that, at least in the Chinese IPO market, it is the individual investors, rather than the institutions, that have the most dominant impact on the cumulative price change. This is consistent with the prediction of De Long et al. (1990a) and the fact that noise trader risks play an important role in Chinese stock market, which leaves the prices deviated from fundamental values and not arbitraged out., Initial Public Offering (IPO) refers to the first sale of stocks by a company (called an issuer) to the public. Since the late 1960s high initial return, which is measured from the offer price to the first-day closing price, has become a hot topic. This phenomenon has been found in a range of countries, and in China the ratio is even much higher., On top of that, we further investigate different types of individual investors by categorizing them according to their trading experiences. We find that those less experienced individuals tend to buy an IPO stock in a more impatient way, while investors who buy on the first non-hit day are more experienced. And waiting averagely 1.4 days can raise the return by more than 1.5% in 30 days., Our research attempts to tackle the high initial return in China from the aspect of investor structure. First, we find empirical evidence that there are more sells than buys on the IPO day, and this demonstrates that flippers are responsible for the huge trading volume. Combining the identities of investors with the trading data, we also find that individual investors dominate the first day trading, in the sense that individuals, rather than institutions, contribute a larger part of the cumulative price change on the IPO day., Our studies have many practical implications from several perspectives. First, analyzing the investor structure and their behavior during the IPO day can help us understand the characteristics of those investors who move the stock price. Second, our research can also help to know the different trading style of different kinds of investors. According to our research, investors maybe can design more favorable investment strategies. And for the regulators, our research can help them formulate more reasonable trading rules and regulations., Second, existing literature show that more experienced investors tend to end up with better investment results, while our study builds a bridge between investor experiences and their decision making procedure. Our finding also contributes to the technical analysis literature, such as Lo, Mamaysky and Wang (2000), among others, in that we find experienced investors indeed tend to do more technical analysis and obtain better investment results., Zhai, Weili., Advisers: Jia He; Ying Foon Chow., Source: Dissertation Abstracts International, Volume: 73-08(E), Section: A., Thesis (Ph.D.)--Chinese University of Hong Kong, 2011., Includes bibliographical references (leaves 113-122)., Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web., Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web., also in Chinese., isbn: 9781267258830, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

This thesis consists of empirical studies on various aspects of international corporate finance, a series of long-run event studies examining the abnormal stock return performance of Initial Public Offerings (IPOs), American Depositary Receipts (ADRs), and stock analyst recommendations. The first two of these, presented in Chapters 2 and 3, investigate the key issues relating to Initial Public Offerings (IPOs). The next, in Chapter 4, examines the performance of new American Depositary Receipt issues from emerging markets and its determinants. The final study, presented in Chapter 5, assesses the value of stock analysts? recommendations in emerging markets. It is essentially a series of empirical studies adopting a tried and tested methodology, involving benchmarks, for measuring returns over time in emerging markets, a subject that has not been sufficiently investigated. The long-run event study approach is designed to identify anomalies in these markets, which may be much more pronounced than in developed markets. This thesis makes substantive contributions to the existing knowledge on measuring, documenting and determining various issues in international corporate finance, and provides methodological improvements over previous studies.Chapter 2 presents an examination of the stock return performance of the IPO stocks listed on the Growth Enterprise Market (GEM) in Hong Kong, finding that the return performance is sensitive to the benchmark employed. Two main factors contributing to the underperformance of GEM stocks are the ?technology boom? and ?IPO effects?. Moreover, the results of cross-sectional analyses suggest that the Hong Kong GEM is a unique market; since at least 70 percent of the IPO stocks listed on the GEM are technology stocks, the ?technology? factor outweighs previous hypotheses advocated by previous researchers to explain the poor performance of newly listed stocks. Chapter 3 extends this analysis by turning attention to the post-issue stock pri

Part B examines the relationship between firm board quality and initial underpricing and the post-IPO performance of 73 H-share and Red-chip share firms from 1993 to 2000. I hypothesize that a high quality board can convey the firm's intrinsic value to the market, thereby reducing the information asymmetry in the firm. Therefore, IPOs of firms with higher management quality will be characterized by lower underpricing level and higher aftermarket long-term stock performance. The level of underpricing is 32% for the sample firms. My result shows that firms with more foreigners on board tend to have a lower IPO underpricing level. The aftermarket, long-term downward drift is confirmed relative to all of the six benchmarks used in this paper. More foreigners on board are positively related to the post-IPO long-term stock performance. In summary, the results show that the management quality of directors has a positive influence on long-term post-IPO stock performance., This paper consists of two parts. Part A This paper investigates the determinants of the adoption of executive stock option plans in Japanese firms and measures the market reaction of executive stock option grants. I find that firms with larger size, and low leverage level are more likely to adopt executive stock options. I also find that keiretsu firms in Japan are less likely to adopt stock options. In those firms that grant stock options, firms with high liquidity and those operate in noisier environment tend to use more option incentives. Japanese firms exhibit significant abnormal stock returns about 0.4% of at the announcement day., Zhang Ling., "March 2006.", Source: Dissertation Abstracts International, Volume: 67-11, Section: A, page: 4287., Thesis (Ph.D.)--Chinese University of Hong Kong, 2006., Includes bibliographical references (p. 162-169)., Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web., Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web., Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web., s in English and Chinese., School code: 1307., isbn: 9780542963704, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Part B examines the relationship between firm board quality and initial underpricing and the post-IPO performance of 73 H-share and Red-chip share firms from 1993 to 2000. I hypothesize that a high quality board can convey the firm's intrinsic value to the market, thereby reducing the information asymmetry in the firm. Therefore, IPOs of firms with higher management quality will be characterized by lower underpricing level and higher aftermarket long-term stock performance. The level of underpricing is 32% for the sample firms. My result shows that firms with more foreigners on board tend to have a lower IPO underpricing level. The aftermarket, long-term downward drift is confirmed relative to all of the six benchmarks used in this paper. More foreigners on board are positively related to the post-IPO long-term stock performance. In summary, the results show that the management quality of directors has a positive influence on long-term post-IPO stock performance., This paper consists of two parts. Part A This paper investigates the determinants of the adoption of executive stock option plans in Japanese firms and measures the market reaction of executive stock option grants. I find that firms with larger size, and low leverage level are more likely to adopt executive stock options. I also find that keiretsu firms in Japan are less likely to adopt stock options. In those firms that grant stock options, firms with high liquidity and those operate in noisier environment tend to use more option incentives. Japanese firms exhibit significant abnormal stock returns about 0.4% of at the announcement day., Zhang Ling., "March 2006.", Source: Dissertation Abstracts International, Volume: 67-11, Section: A, page: 4287., Thesis (Ph.D.)--Chinese University of Hong Kong, 2006., Includes bibliographical references (p. 162-169)., Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web., Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web., Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web., s in English and Chinese., School code: 1307., isbn: 9780542963704, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

[Truncated abstract] In March 2003, the Australian Stock Exchange (ASX) released new corporate governance guidelines, which included debatable "best practice" recommendations such as the adoption of an independent board and separation of the roles of chairperson and CEO. Given the premise that strong corporate governance enhances shareholder value and, by extension, increases initial public offering (IPO) issuers’ appeal to investors, this thesis assesses the level of conformity by a sample of Australian firms, which made an IPO between 1994 and 1999, with the best practice recommendations. We also examine the relationship between firm outcomes (including IPO underpricing, post-IPO long-run performance, and the likelihood of a SEO) and board governance quality, captured by board composition, board leadership, board size and share ownership of directors. These outcomes are addressed as they are important dimensions of firm performance that may be reasonably assumed to be associated with the quality of corporate governance, and these tests can provide an insight into the preference of investors who arguably are best placed to assess the appropriateness of the recommendations promoted by the ASX. Further, we analyse changes in IPO firms' board structures from the time of listing to five years later to determine if IPO firms adopt governance structures that are more in line with the best practice recommendations after listing and if the changes are related to IPO firms' long-run performance. Overall, we find that IPO firms that arguably have the strongest incentive to adopt the "optimal" board structures diverge substantially from ASX's recommendations both at the time of IPO and five years later..., Thesis (Ph.D.)--University of Western Australia, 2006

This thesis contains two chapters. Chapter One provides definitive evidence about the effect of discretionary current accruals on the pricing of IPOs. Specifically, I seek to discriminate between two alternative explanations for the prior findings: 1) behavioral biases coupled with limited arbitrage; and 2) the sample- and period-specific nature of the results in the prior literature. Using hand-gathered accrual data for all IPOs from 1926 to 1961 and machine-readable accrual data for all IPOs from 1962 to 1998, I obtain the following results. First, I fail to observe a negative association between discretionary current accruals and subsequent price performance for the 1926 to 1971 period. Second, my analysis reveals that the pattern of cross-sectional evidence is inconsistent with the predictions made by behavioral theories. Third, in the 1972 to 1998 period, evidence of predictable negative performance attributable to IPO discretionary current accruals is limited to NASDAQ firms. Overall, these findings are difficult to reconcile with mispricing as an outcome of investor behavioral biases correlated across individuals. Chapter Two examines how financial statement informativeness, analyst following, and company news relate to the information asymmetry between insiders and outsiders. Corporations' timely disclosures of value relevant information and information collection by outsiders reduce information asymmetry, limiting insiders' ability to trade profitably on private information. We use the profitability and intensity of insider trades to proxy for information asymmetry. We find that increased analyst following is associated with reduced profitability of insider trades and reduced insider purchases. Financial statement, (cont.) informativeness is negatively associated with the frequency of insider purchases. However, company news, good or bad, is positively associated with insider purchase frequency., by Xu Li., Thesis (Ph. D.)--Massachusetts Institute of Technology, Sloan School of Management, 2004., Includes bibliographical references.

by Lu Shanshan, Yu Xiang., Thesis (M.B.A.)--Chinese University of Hong Kong, 2005., Includes bibliographical references (leaves 45-48)., p.ii, TABLE OF CONTENTS --- p.iii, LIST OF ILLUSTRATIONS --- p.v, LIST OF TABLES --- p.vi, ACKNOWLEDGEMENTS --- p.vii, Chapter CHAPTER 1: --- INTRODUCTION --- p.1, Chapter CHAPTER 2: --- GENERAL DESCRIPTION OF IPO PROCESS --- p.3, REASONS FOR LISTING --- p.3, SELECTION OF CAPITAL MARKET --- p.7, GEM OR MAINBOARD --- p.14, H SHARE OR RED CHIP OR ELSE --- p.18, BASIC LISTING PROCEDURE --- p.20, CONSIDERATIONS OF RESTRUCTURING --- p.24, ROLE OF FINANCIAL ADVISORS --- p.26, Chapter CHAPTER 3: --- DATA AND METHODOLOGY --- p.27, RESEARCH PERIOD AND SOURCE --- p.27, MEASURES AND FORMULAS --- p.27, Chapter CHAPTER 4: --- UNDERPRICING ANALYSIS --- p.28, LITERATURE REVIEW --- p.28, MEASURES OF UNDERPRICING --- p.30, RESULTS AND DISCUSSIONS --- p.31, CONCLUSION --- p.36, Chapter CHAPTER 5: --- POST-IPO PERFORMANCE ANALYSIS --- p.37, LITERATURE REVIEW --- p.37, MEASURES OF POST-IPO PERFORMANCE --- p.39, RESULTS AND DISCUSSIONS --- p.40, CONSTRAINTS OF RESEARCH --- p.43, APPENDIX --- p.44, BIBLIOGRAPHY --- p.45, http://library.cuhk.edu.hk/record=b5896385, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Yuan Shuo., Thesis (M.Phil.)--Chinese University of Hong Kong, 2005., Includes bibliographical references (leaves 49-53)., s in English and Chinese., Chapter CHAPTER 1 --- Introduction --- p.1, Chapter CHAPTER 2 --- Literature Review --- p.4, Chapter 2.1 --- Worldwide IPO Underpricing --- p.4, Chapter 2.2 --- IPO Underpricing in China --- p.10, Chapter CHAPTER 3 --- New Explanations for IPO Underpricing --- p.12, Chapter CHAPTER 4 --- "Data, Methodology and Empirical Results" --- p.15, Chapter 4.1 --- Data --- p.15, Chapter 4.2 --- Methodology --- p.19, Chapter 4.3 --- Models and Empirical Results --- p.27, Chapter 4.31 --- Underpricing Level Is Measured by the Percentage Difference Between the First Day's Closing Price and the Offer Price --- p.27, Chapter 4.32 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Fifteen Trading Days' Closing Prices and the Offer Price --- p.34, Chapter 4.33 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Seven Trading Days' Closing Prices and the Offer Price --- p.38, Chapter 4.34 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Three Months' Closing Prices and the Offer Price. --- p.42, Chapter CHAPTER 5 --- Conclusion --- p.47, REFERENCE --- p.49, APPENDIX 1 Detailed Regression Results --- p.54, APPENDIX 2 The Issue Price and Stock Price Movement after IPO for Each Sample Firm --- p.70, http://library.cuhk.edu.hk/record=b5892341, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Yuan Shuo., Thesis (M.Phil.)--Chinese University of Hong Kong, 2005., Includes bibliographical references (leaves 49-53)., s in English and Chinese., Chapter CHAPTER 1 --- Introduction --- p.1, Chapter CHAPTER 2 --- Literature Review --- p.4, Chapter 2.1 --- Worldwide IPO Underpricing --- p.4, Chapter 2.2 --- IPO Underpricing in China --- p.10, Chapter CHAPTER 3 --- New Explanations for IPO Underpricing --- p.12, Chapter CHAPTER 4 --- "Data, Methodology and Empirical Results" --- p.15, Chapter 4.1 --- Data --- p.15, Chapter 4.2 --- Methodology --- p.19, Chapter 4.3 --- Models and Empirical Results --- p.27, Chapter 4.31 --- Underpricing Level Is Measured by the Percentage Difference Between the First Day's Closing Price and the Offer Price --- p.27, Chapter 4.32 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Fifteen Trading Days' Closing Prices and the Offer Price --- p.34, Chapter 4.33 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Seven Trading Days' Closing Prices and the Offer Price --- p.38, Chapter 4.34 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Three Months' Closing Prices and the Offer Price. --- p.42, Chapter CHAPTER 5 --- Conclusion --- p.47, REFERENCE --- p.49, APPENDIX 1 Detailed Regression Results --- p.54, APPENDIX 2 The Issue Price and Stock Price Movement after IPO for Each Sample Firm --- p.70, http://library.cuhk.edu.hk/record=b5892341, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

by Lu Shanshan, Yu Xiang., Thesis (M.B.A.)--Chinese University of Hong Kong, 2005., Includes bibliographical references (leaves 45-48)., p.ii, TABLE OF CONTENTS --- p.iii, LIST OF ILLUSTRATIONS --- p.v, LIST OF TABLES --- p.vi, ACKNOWLEDGEMENTS --- p.vii, Chapter CHAPTER 1: --- INTRODUCTION --- p.1, Chapter CHAPTER 2: --- GENERAL DESCRIPTION OF IPO PROCESS --- p.3, REASONS FOR LISTING --- p.3, SELECTION OF CAPITAL MARKET --- p.7, GEM OR MAINBOARD --- p.14, H SHARE OR RED CHIP OR ELSE --- p.18, BASIC LISTING PROCEDURE --- p.20, CONSIDERATIONS OF RESTRUCTURING --- p.24, ROLE OF FINANCIAL ADVISORS --- p.26, Chapter CHAPTER 3: --- DATA AND METHODOLOGY --- p.27, RESEARCH PERIOD AND SOURCE --- p.27, MEASURES AND FORMULAS --- p.27, Chapter CHAPTER 4: --- UNDERPRICING ANALYSIS --- p.28, LITERATURE REVIEW --- p.28, MEASURES OF UNDERPRICING --- p.30, RESULTS AND DISCUSSIONS --- p.31, CONCLUSION --- p.36, Chapter CHAPTER 5: --- POST-IPO PERFORMANCE ANALYSIS --- p.37, LITERATURE REVIEW --- p.37, MEASURES OF POST-IPO PERFORMANCE --- p.39, RESULTS AND DISCUSSIONS --- p.40, CONSTRAINTS OF RESEARCH --- p.43, APPENDIX --- p.44, BIBLIOGRAPHY --- p.45, http://library.cuhk.edu.hk/record=b5896385, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

This thesis consists of three essays on public equity offerings. A common thread that runs through these three essays is the way in which information environment affects benefits and choices of agents in the market. Essay 1 titled as 'Costs and Benefits of Bundling IPOs' examines the costs and benefits of filing earlier in an IPO wave when there are fewer IPOs in process. It shows that early movers pay higher gross spreads but their valuation is less sensitive to contemporaneous IPO market conditions. The findings extend previous studies on how bundling IPOs reduce equity issuers' cost of information production. My analysis points to a trade-off between the cost of information production and the benefit of lower price volatility of being an early mover in an IPO wave. Essay 2 is entitled 'The Effect of Underwriter Reputation and Institutional Purchase on Post-SEO Stock Performance'. Previous studies suggest that investors underreact to information contained underwriter reputation and institutional trades around equity issues. This essay examines if the relation between post-issue returns and underwriter reputation and participation of institutional investors in SEOs varies with measure of ex ante information asymmetry. It shows that SEOs led by less reputable underwriters and SEOs with low institutional purchase earn the lowest post-issue benchmark-adjusted returns. Other issuers underperform less significantly or do not underperform at all. Further analysis shows that the effects of underwriter reputation and institutional purchase on post-issue stock returns are stronger when ex ante information asymmetry is perceived to be larger. Essay 3 is entitled 'Cost of Equity Changes around Carve-out Transactions'. Equity carve-out transactions typically result in greater disclosure and more analysts following. This should lower the cost of equity of the divesting firms. The tests show that the average cost of equity of parent firms declines by about 64 basis points after

This thesis consists of three essays on public equity offerings. A common thread that runs through these three essays is the way in which information environment affects benefits and choices of agents in the market. Essay 1 titled as 'Costs and Benefits of Bundling IPOs' examines the costs and benefits of filing earlier in an IPO wave when there are fewer IPOs in process. It shows that early movers pay higher gross spreads but their valuation is less sensitive to contemporaneous IPO market conditions. The findings extend previous studies on how bundling IPOs reduce equity issuers' cost of information production. My analysis points to a trade-off between the cost of information production and the benefit of lower price volatility of being an early mover in an IPO wave. Essay 2 is entitled 'The Effect of Underwriter Reputation and Institutional Purchase on Post-SEO Stock Performance'. Previous studies suggest that investors underreact to information contained underwriter reputation and institutional trades around equity issues. This essay examines if the relation between post-issue returns and underwriter reputation and participation of institutional investors in SEOs varies with measure of ex ante information asymmetry. It shows that SEOs led by less reputable underwriters and SEOs with low institutional purchase earn the lowest post-issue benchmark-adjusted returns. Other issuers underperform less significantly or do not underperform at all. Further analysis shows that the effects of underwriter reputation and institutional purchase on post-issue stock returns are stronger when ex ante information asymmetry is perceived to be larger. Essay 3 is entitled 'Cost of Equity Changes around Carve-out Transactions'. Equity carve-out transactions typically result in greater disclosure and more analysts following. This should lower the cost of equity of the divesting firms. The tests show that the average cost of equity of parent firms declines by about 64 basis points after

This thesis consists of three essays on public equity offerings. A common thread that runs through these three essays is the way in which information environment affects benefits and choices of agents in the market. Essay 1 titled as 'Costs and Benefits of Bundling IPOs' examines the costs and benefits of filing earlier in an IPO wave when there are fewer IPOs in process. It shows that early movers pay higher gross spreads but their valuation is less sensitive to contemporaneous IPO market conditions. The findings extend previous studies on how bundling IPOs reduce equity issuers' cost of information production. My analysis points to a trade-off between the cost of information production and the benefit of lower price volatility of being an early mover in an IPO wave. Essay 2 is entitled 'The Effect of Underwriter Reputation and Institutional Purchase on Post-SEO Stock Performance'. Previous studies suggest that investors underreact to information contained underwriter reputation and institutional trades around equity issues. This essay examines if the relation between post-issue returns and underwriter reputation and participation of institutional investors in SEOs varies with measure of ex ante information asymmetry. It shows that SEOs led by less reputable underwriters and SEOs with low institutional purchase earn the lowest post-issue benchmark-adjusted returns. Other issuers underperform less significantly or do not underperform at all. Further analysis shows that the effects of underwriter reputation and institutional purchase on post-issue stock returns are stronger when ex ante information asymmetry is perceived to be larger. Essay 3 is entitled 'Cost of Equity Changes around Carve-out Transactions'. Equity carve-out transactions typically result in greater disclosure and more analysts following. This should lower the cost of equity of the divesting firms. The tests show that the average cost of equity of parent firms declines by about 64 basis points after

Summary: This dissertation examines the stock price behavior of newly public firms following two separate events, acquisition announcements and a large single day price change. For the first essay on overreaction, the changes in both liquidity and information are considered in studying the stock price reaction to a trigger of +/-15%. Over 2,600 events are evaluated for these newly public firms from 1992--2001 with events classified as occurring during either the quiet, lockup or post lockup period. For positive trigger events during the quiet period, a large one-day price change results in a significant underreaction. Positive triggers during the lockup period result in no significant abnormal returns, while a statistically significant overreaction occurs during the post lockup period. For negative triggers, while there are no significant abnormal returns for the reactions in any period, there is nevertheless a statistically significant difference between the reactions during the quiet and the post lockup periods. In addition, the degree of market reaction is found to be significantly different for events with information versus events without information. The second essay examines the stock price reaction when newly public firms make acquisition announcements. The belief is that these firms may experience a more positive reaction due to the firms' smaller size, need for immediate expansion, and increased corporate governance. On the other hand, these firms may lack the expertise to successfully integrate the acquisition targets. The results show that these newly public firms experience significant announcement returns of 2.63%. In general, higher announcement returns are found the smaller the acquirer, the smaller the relative size of the acquisition, and if the target is privately held. While the presence of venture capitalists and top tier underwriters result in lower announcement returns, returns are higher if the acquisition advisor is the same as the original, College of Business, Thesis (Ph.D.)--Florida Atlantic University, 2003.

Zhu Yuande., Thesis (M.Phil.)--Chinese University of Hong Kong, 2002., Includes bibliographical references (leaves 83-87)., s in English and Chinese., Chapter CHAPTER 1 --- Introduction --- p.1, Chapter CHAPTER 2 --- Review of Theories and Literature --- p.4, Chapter 2.1 --- Theoretical Explanations for IPO Underpricing: --- p.4, Chapter 2.2 --- Empirical Studies Review on China's IPOs --- p.9, Chapter CHAPTER 3 --- Introduction of China's IPO Market --- p.13, Chapter 3.1 --- Chinese Securities Regulatory Commission (CSRC) --- p.13, Chapter 3.2 --- How to Price and Distribute IPOs --- p.15, Chapter 3.3 --- Valuing IPOs and Setting Base Price --- p.24, Chapter 3.4 --- Conclusion of This Chapter --- p.26, Chapter CHAPTER 4 --- Empirical Results and Analysis of Chinese IPO Pricing --- p.27, Chapter 4.1 --- The Data and Research Methodology --- p.27, Chapter 4.2 --- The Regression Results and Discussion --- p.29, Chapter 4.3 --- Conclusion of This Chapter --- p.34, Chapter CHAPTER 5 --- Theoretical Explanations of Underpricing Based on Chinese IPO Behaviors --- p.35, Chapter 5.1 --- The Optimal Underpricing in China's Stock Market --- p.35, Chapter 5.2 --- Empirical Tests on Some Theories --- p.38, Chapter 5.21 --- Signaling Model --- p.38, Chapter 5.22 --- The Impact of Underwriters --- p.45, Chapter 5.23 --- Winner's Curse Test --- p.46, Chapter 5.24 --- Extensive Presale Theory --- p.48, Chapter CHAPTER 6 --- Empirical Results and Analysis of Underpricing in China's Market --- p.54, Chapter 6.1 --- Underpricing in A-Share Market --- p.54, Chapter 6.11 --- Survey of Underpricing --- p.54, Chapter 6.12 --- Empirical Results on A-Share IPO Underpricing --- p.56, Chapter 6.13 --- Conclusion of This Part --- p.66, Chapter 6.2 --- Underpricing in B-share Market --- p.66, Chapter 6.21 --- Survey of Underpricing --- p.66, Chapter 6.22 --- Empirical Results on the B-share Market --- p.70, Chapter 6.23 --- Conclusion of This Part --- p.77, Chapter CHAPTER 7 --- Further Development of Chinese Stock Market --- p.78, Chapter 7.1 --- Defects in Chinese Stock Market --- p.78, Chapter 7.2 --- Further Development for Reducing Underpricing --- p.79, Chapter CHAPTER 8 --- Conclusion --- p.81, REFERENCE --- p.83, http://library.cuhk.edu.hk/record=b5891122, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Wong Yu-kwan., Thesis (M.Phil.)--Chinese University of Hong Kong, 2002., Includes bibliographical references (leaves 74-77)., s in English and Chinese., Chapter 1 --- Introduction --- p.1, Chapter 2 --- Literature Review --- p.8, Chapter 3 --- Data and Methodology --- p.25, Chapter 3.1 --- Data description --- p.25, Chapter 3.2 --- Data sources --- p.27, Chapter 3.3 --- Methodology --- p.28, Chapter 4 --- Results --- p.40, Chapter 4.1 --- Results of correlations --- p.40, Chapter 4.2 --- Results of holding rates of returns- MAAMRORsubIPos --- p.44, Chapter 4.3 --- The post-listing price performance of the IPO firms --- p.51, Chapter 4.4 --- Regression results --- p.59, Chapter 5 --- Discussion --- p.65, Chapter 6 --- Conclusion --- p.70, References --- p.74, Tables --- p.78, Appendix --- p.99, http://library.cuhk.edu.hk/record=b5891275, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Wong Yu-kwan., Thesis (M.Phil.)--Chinese University of Hong Kong, 2002., Includes bibliographical references (leaves 74-77)., s in English and Chinese., Chapter 1 --- Introduction --- p.1, Chapter 2 --- Literature Review --- p.8, Chapter 3 --- Data and Methodology --- p.25, Chapter 3.1 --- Data description --- p.25, Chapter 3.2 --- Data sources --- p.27, Chapter 3.3 --- Methodology --- p.28, Chapter 4 --- Results --- p.40, Chapter 4.1 --- Results of correlations --- p.40, Chapter 4.2 --- Results of holding rates of returns- MAAMRORsubIPos --- p.44, Chapter 4.3 --- The post-listing price performance of the IPO firms --- p.51, Chapter 4.4 --- Regression results --- p.59, Chapter 5 --- Discussion --- p.65, Chapter 6 --- Conclusion --- p.70, References --- p.74, Tables --- p.78, Appendix --- p.99, http://library.cuhk.edu.hk/record=b5891275, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Zhu Yuande., Thesis (M.Phil.)--Chinese University of Hong Kong, 2002., Includes bibliographical references (leaves 83-87)., s in English and Chinese., Chapter CHAPTER 1 --- Introduction --- p.1, Chapter CHAPTER 2 --- Review of Theories and Literature --- p.4, Chapter 2.1 --- Theoretical Explanations for IPO Underpricing: --- p.4, Chapter 2.2 --- Empirical Studies Review on China's IPOs --- p.9, Chapter CHAPTER 3 --- Introduction of China's IPO Market --- p.13, Chapter 3.1 --- Chinese Securities Regulatory Commission (CSRC) --- p.13, Chapter 3.2 --- How to Price and Distribute IPOs --- p.15, Chapter 3.3 --- Valuing IPOs and Setting Base Price --- p.24, Chapter 3.4 --- Conclusion of This Chapter --- p.26, Chapter CHAPTER 4 --- Empirical Results and Analysis of Chinese IPO Pricing --- p.27, Chapter 4.1 --- The Data and Research Methodology --- p.27, Chapter 4.2 --- The Regression Results and Discussion --- p.29, Chapter 4.3 --- Conclusion of This Chapter --- p.34, Chapter CHAPTER 5 --- Theoretical Explanations of Underpricing Based on Chinese IPO Behaviors --- p.35, Chapter 5.1 --- The Optimal Underpricing in China's Stock Market --- p.35, Chapter 5.2 --- Empirical Tests on Some Theories --- p.38, Chapter 5.21 --- Signaling Model --- p.38, Chapter 5.22 --- The Impact of Underwriters --- p.45, Chapter 5.23 --- Winner's Curse Test --- p.46, Chapter 5.24 --- Extensive Presale Theory --- p.48, Chapter CHAPTER 6 --- Empirical Results and Analysis of Underpricing in China's Market --- p.54, Chapter 6.1 --- Underpricing in A-Share Market --- p.54, Chapter 6.11 --- Survey of Underpricing --- p.54, Chapter 6.12 --- Empirical Results on A-Share IPO Underpricing --- p.56, Chapter 6.13 --- Conclusion of This Part --- p.66, Chapter 6.2 --- Underpricing in B-share Market --- p.66, Chapter 6.21 --- Survey of Underpricing --- p.66, Chapter 6.22 --- Empirical Results on the B-share Market --- p.70, Chapter 6.23 --- Conclusion of This Part --- p.77, Chapter CHAPTER 7 --- Further Development of Chinese Stock Market --- p.78, Chapter 7.1 --- Defects in Chinese Stock Market --- p.78, Chapter 7.2 --- Further Development for Reducing Underpricing --- p.79, Chapter CHAPTER 8 --- Conclusion --- p.81, REFERENCE --- p.83, http://library.cuhk.edu.hk/record=b5891122, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

by Chan Tsz Kit, Lee Wing Chun, Vincent., Thesis (M.B.A.)--Chinese University of Hong Kong, 2001., Includes bibliographical references (leaves 50-52)., p.ii, TABLE OF CONTENTS --- p.iii, LIST OF TABLES AND FIGUARES --- p.v, Chapter, Chapter I. --- INTRODUCTION --- p.1, Background and Features of GEM --- p.2, Features of Small Cap Companies --- p.4, Market Statistics --- p.5, Number of IPO in the Market --- p.5, IPO Fund Raised in the Market --- p.6, IPO Fund Raised by Type --- p.7, Business Nature of Listed Firms --- p.8, Performance of GEM Market in Terms of GEI --- p.9, GEM Corporate Governance --- p.10, Two GEM Listing Rules Non-compliance Cases to Date --- p.10, Other Controversy Issues of GEM --- p.11, Selective wavier by tom.com --- p.11, General relaxation of listing rules --- p.12, Property acquisition by Timeless Software --- p.13, Errors made by GEM companies --- p.13, Excessive valuation --- p.14, Quality of listed company --- p.15, Undisclosed holdings of Panda-Recruit --- p.15, Chapter II. --- LITERATURE REVIEW --- p.16, Chapter III. --- DATA AND METHODOLOGY --- p.26, Data Description --- p.27, Chapter IV. --- EMPIRICAL EVIDENCE --- p.31, Intraday and Weekly Stock Returns --- p.31, Intraday Trading Volume --- p.36, Discussing Conclusion for Quantitative Studies --- p.40, Chapter V. --- QUALITATIVE STUDY OF GEM MARKET --- p.41, Factors Contributed to the Prevailing Weak Sentiment on GEM --- p.41, Blue-chip Backing --- p.41, Mega-dollar Tech Deals Sent Tech Stocks to Higher Levels --- p.42, Understanding on Issuer's Business is Key --- p.43, Major Issues GEM Faces --- p.44, Lack of Condemnation on the Listed Firms' Non-compliance --- p.44, Attractiveness for Large Cap Issuers --- p.45, Retail Investors Participation --- p.46, PRC Second Board --- p.47, Activities of Institutional Investors --- p.47, GEI - A Good Proxy of GEM's Performance? --- p.48, Discussing Conclusion for Qualitative Studies --- p.49, BIBIOGRAPHY --- p.50, http://library.cuhk.edu.hk/record=b5890570, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

by Chan Tsz Kit, Lee Wing Chun, Vincent., Thesis (M.B.A.)--Chinese University of Hong Kong, 2001., Includes bibliographical references (leaves 50-52)., p.ii, TABLE OF CONTENTS --- p.iii, LIST OF TABLES AND FIGUARES --- p.v, Chapter, Chapter I. --- INTRODUCTION --- p.1, Background and Features of GEM --- p.2, Features of Small Cap Companies --- p.4, Market Statistics --- p.5, Number of IPO in the Market --- p.5, IPO Fund Raised in the Market --- p.6, IPO Fund Raised by Type --- p.7, Business Nature of Listed Firms --- p.8, Performance of GEM Market in Terms of GEI --- p.9, GEM Corporate Governance --- p.10, Two GEM Listing Rules Non-compliance Cases to Date --- p.10, Other Controversy Issues of GEM --- p.11, Selective wavier by tom.com --- p.11, General relaxation of listing rules --- p.12, Property acquisition by Timeless Software --- p.13, Errors made by GEM companies --- p.13, Excessive valuation --- p.14, Quality of listed company --- p.15, Undisclosed holdings of Panda-Recruit --- p.15, Chapter II. --- LITERATURE REVIEW --- p.16, Chapter III. --- DATA AND METHODOLOGY --- p.26, Data Description --- p.27, Chapter IV. --- EMPIRICAL EVIDENCE --- p.31, Intraday and Weekly Stock Returns --- p.31, Intraday Trading Volume --- p.36, Discussing Conclusion for Quantitative Studies --- p.40, Chapter V. --- QUALITATIVE STUDY OF GEM MARKET --- p.41, Factors Contributed to the Prevailing Weak Sentiment on GEM --- p.41, Blue-chip Backing --- p.41, Mega-dollar Tech Deals Sent Tech Stocks to Higher Levels --- p.42, Understanding on Issuer's Business is Key --- p.43, Major Issues GEM Faces --- p.44, Lack of Condemnation on the Listed Firms' Non-compliance --- p.44, Attractiveness for Large Cap Issuers --- p.45, Retail Investors Participation --- p.46, PRC Second Board --- p.47, Activities of Institutional Investors --- p.47, GEI - A Good Proxy of GEM's Performance? --- p.48, Discussing Conclusion for Qualitative Studies --- p.49, BIBIOGRAPHY --- p.50, http://library.cuhk.edu.hk/record=b5890570, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Sun Yuekang., Thesis submitted in: October 1999., Thesis (M.Phil.)--Chinese University of Hong Kong, 2000., Includes bibliographical references (leaves 40-44)., s in English and Chinese., http://library.cuhk.edu.hk/record=b5890345, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Sun Yuekang., Thesis submitted in: October 1999., Thesis (M.Phil.)--Chinese University of Hong Kong, 2000., Includes bibliographical references (leaves 40-44)., s in English and Chinese., http://library.cuhk.edu.hk/record=b5890345, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)

Summary: This dissertation examines the effect of variables specific to different industries on initial public offerings (IPOs). It has been widely accepted that IPOs perform well in the immediate aftermarket and perform poorly in the subsequent months. The uncertainty surrounding IPOs has been a frequently cited reason for the initial underpricing. The size of the offering, underwriter prestige, the number of uses of gross proceeds, and the level of inside ownership are a few of the variables that have been found to measure the uncertainty of IPOs across industries. The uncertainty of IPOs in different industries may also be affected by variables that are unique to that industry. The level of interest rates and the amount of regulation may affect the performance of existing financial service firms. The uncertainty of IPOs in the financial services industry may also be affected by these variables. This study finds that some financial service firm IPOs are affected by the level of interest rates. Some regulatory changes increase the uncertainty, and therefore the initial returns, of IPOs of financial service firms. The type of ownership structure affects the management of a firm due to differing agency costs. A mutual holding company (MHC) is a mutual company that issues a minority stake to the public. The MHC structure has been common among savings banks and is growing in popularity in the life insurance industry. The lack of takeover possibilities and stockholder control diminishes the risk taking behavior of MHCs in the thrift industry. Savings banks that choose the MHC structure experience lower initial returns without significant long run differences than savings banks that choose to convert to a completely stockholder owned bank. The operating characteristics may also affect the uncertainty of the firm. The internet allows firms to enter into an industry while having completely different operating structure than many of the other competitors. This study finds t, College of Business, Thesis (Ph.D.)--Florida Atlantic University, 2000., Collection: FAU Electronic Theses and Dissertations Collection

by Ng Chi-Cheong, Allen, Tsea Po Kwan., Thesis (M.B.A.)--Chinese University of Hong Kong, 1999., Includes bibliographical references (leaves 39-41)., p.ii, TABLE OF CONTENTS --- p.iii, LIST OF ILLUSTRATIONS --- p.v, LIST OF TABLES --- p.vi, ACKNOWLEDGEMENT --- p.vii, Chapter, Chapter I. --- INTRODUCTION --- p.1, Chapter II --- LITERATURE REVIEW --- p.3, General Review --- p.3, Model Review --- p.6, Rock´ةs Model --- p.6, Principal-Agent Model --- p.7, Signaling Model --- p.11, Chapter III --- H SHARES LISTING PROCEDURE --- p.13, Chapter IV --- DATA AND METHODOLOGY --- p.17, Research Period and Source --- p.17, Measures of Underpricing --- p.18, Chapter V --- RESULTS AND DISCUSSION --- p.23, Underpricing of H shares IPOs --- p.23, Regression Model --- p.25, Chapter VI --- CONCLUSION --- p.30, APPENDIX --- p.34, BIBLIOGRAPHY --- p.38, http://library.cuhk.edu.hk/record=b5896262, Use of this resource is governed by the terms and conditions of the Creative Commons “Attribution-NonCommercial-NoDerivatives 4.0 International” License (http://creativecommons.org/licenses/by-nc-nd/4.0/)