We study the value of the CEO's academic experience in issuing companies in the IPO market. Using 38,697 institutional investor bids on 410 IPOs from November 3, 2010, to October 8, 2012, we find that the average institutional bid price is higher for issuing firms with a CEO with academic...

We examine various aspects of the IPO market in China—the policy history, IPO pricing, bids and allocation, and aftermarket trading under two lenses: IPO theories and the unique regulatory environment in China. We show that heavy-handed regulations cause inefficient IPO offer prices and high...

We provide the first study of underwriter-affiliated analysts' pre-IPO research coverage and its impact on stock prices. Using proprietary data on a sample of Chinese IPOs, we document that affiliated analysts make highly overoptimistic forecasts about IPO clients. Analyst hype inflates both the...