Song, Shunlin; Tan, Jinsong; Yi, Yang - In: China journal of accounting research : CJAR 7 (2014) 1, pp. 31-49
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 …This paper separates the amount of IPO underpricing (primary market underpricing) and overvaluation (secondary market …