We investigate the operating performance changes of initial public offerings (IPOs) and the relation between operating performance and both short-run underpricing and long-run market returns of IPOs. We find that listing causes a significant deterioration in profitability, sales-growth rates,...

The long-run performance of Chinese IPOs is investigated using 897 A-share IPOs listed on the two Chinese stock exchanges from 1996 to 2002. Significantly positive abnormal returns are found up to three years after listing by using the cumulative abnormal return measure, the buy-and-hold...

This article classifies Chinese mutual funds based on their past investment behavior, using factor and cluster analyses. The empirical results show that the majority of Chinese mutual funds are quasi-indexers (58.58%) which follow a buy-and-hold investment strategy; next are transient mutual...

Previous research shows that Chinese A-share initial public offerings (IPOs) experience very high initial returns. This study focuses on Chinese B-share IPOs and investigates their initial returns, operating performance change before and after listing, and long-run market performance. We study...