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Details for article 1 of 7 found articles
| Title: |
An examination of IPO underpricing in the growth enterprise market of Hong Kong |
| Author: |
Vong, Anna P. I. Zhao, N. |
| Appeared in: |
Applied financial economics |
| Paging: | Volume 18 (2008) nr. 19 pages 1539-1547 |
| Year: |
2008-10 |
| Contents: |
This study examines the first-day returns of initial public offerings listed on the Growth Enterprise Market (GEM) of Hong Kong from its inception until the year of 2005. Results show that GEM, operating under a relaxed set of listing requirements, exhibits a higher underpricing level than that of the Main Board. Such a higher level can be explained by the ex-post volatility of after-market returns, the timing effects and the geographic location (i.e. 'H' SHARES). Both the reputation of underwriters and the signalling role of underpricing show no effect on initial excess returns. |
| Publisher: |
Routledge |
| Source file: |
Elektronische Wetenschappelijke Tijdschriften |
Details for article 1 of 7 found articles
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