Shen, Zhe; Coakley, Jerry; Instefjord, Norvald - In: Pacific-Basin Finance Journal 25 (2013) C, pp. 294-314
We examine the association between IPO underpricing and investor participation using a unique sample of 411 Chinese IPOs where the offer price is not influenced by the issuers and underwriters, and allocation to subscribers is by a lottery mechanism. We find that investor participation does not...