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 overvaluation) from the value of an IPO’s initial return to evaluate the relative importance of these two factors and their main determinants. Using data on the IPOs of 948...