Corporate Governance, IP O Underpricing and Long-Term Performanc e of listed firms in China. By Larry Li School of Economics, Finance and Marketing RMIT University, Melbourne, Victoria 3086, Australia and Martin Hovey School of Business, Economics and Public Policy University of New England Armidale, NSW 2351, Australia 學學 : 學學學
24
Embed
Corporate Governance, IPO Underpricing and Long-Term Performance of listed firms in China.
Corporate Governance, IPO Underpricing and Long-Term Performance of listed firms in China. By Larry Li School of Economics, Finance and Marketing RMIT University, Melbourne, Victoria 3086, Australia and Martin Hovey School of Business, Economics and Public Policy University of New England - PowerPoint PPT Presentation
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Corporate Governance, IPO Underpricing
and Long-Term Performance of listed firms
in China.By
Larry LiSchool of Economics, Finance and Marketing
RMIT University,Melbourne, Victoria 3086, Australia
andMartin Hovey
School of Business, Economics and Public PolicyUniversity of New England
文獻所有權的支配強烈的影響,公司董事的定位以及公司的治理 (Hovey, Li and Naughton, 2003)
在中國所有權變動的減少,往往涉及影響國有企業董事會成員和公司治理 (Hovey, 2005).
一些作者指出, IPO 是被低估 (Baron,1982;Ritter, 1984; Levis 1993).
文獻 已經出現了些許理論試圖解釋這種溢價,如信息不對稱理論 (Baron, 1982; Rock, 1986), 承銷商的聲譽理論 (Carter and Manaster, 1990) 和信號假說 (Welch, 1989).
從以往的經驗證實,在長期市場新股表現不佳 (Ibbotson, 1975; Ritter 1991; Loughran and Ritter, 1995).
在中國 IPO 通常的經驗是初始回報水平比其他大多數國家非常高 (Datar and Mao, 1996; Su and Fleisher, 1999; Gu, 2003, Mok and Hui, 1998; Liu and Li, 2000; Chang, Chen, Chi and Young, 2008).