Chi, Jing; Padgett, Carol - In: Pacific Economic Review 10 (2005) 4, pp. 451-469
We study the short-run and long-run performance of 340 and 409 IPOs, respectively, listed on China's two exchanges from 1996 to 1997. We find that the average underpricing is 127.3%, and that the average market-adjusted cumulative return and buy-and-hold return over the three years after listing...
