Song, Shunlin; Tan, Jinsong; Yi, Yang - In: China journal of accounting research : CJAR 7 (2014) 1, pp. 31-49
This paper separates the amount of IPO underpricing (primary market underpricing) and overvaluation (secondary market … determinants. Using data on the IPOs of 948 Chinese firms, we find that average initial returns are 66% and that underpricing and … return. Value uncertainty in IPOs is positively related to both underpricing and overvaluation, and both the underwriter …