财务与会计学术论坛第二期

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题目: Free Money on the Table, Winners Curse and Underpricing Evidence from China’s A-share IPOs 演讲者: 邬瑜骏博士 复旦大学金融系讲师 时间: 2006年3月10日(星期五)3:00—4:30 PM 地点: 嘉庚二513 参加者: 对财务研究有兴趣的广大师生 主持人: 赵景文博士 厦门大学管理学院会计系讲师 评论者: 翁洪波 厦门大学管理学院博士生 报告论文摘要: This paper provides empirical evidence to explain the astounding underpricing phenomenon in China’s primary market using allocation data of China’s open-sale IPOs. First, the mean allocation-adjusted initial return is statistically positive, meaning issuers intentionally leave free money on the table to ensure a successful IPO issuing in China. Second, evidence shows that institutional investors use financial leverage in share subscription, which enables them to grab a larger portion of the whole wealth left on the table. Third, Rock’s (1986) winner’s curse hypothesis does affect the pricing strategy of the issuers. Underpricing occurs less in the IPOs that offer separate trenches to institutional investors and in the IPOs that are solely placed with secondary-market investors. In both these cases, the problem of winner’s curse affects uninformed investors less. 邬瑜骏博士简介: 邬瑜骏博士毕业于复旦大学,后留学到法国,获得Grenoble高等商业学院国际贸易专业硕士学位,并于2005年获得南洋理工大学银行与金融专业博士学位,现为复旦大学金融系讲师。他的主要研究方向为公司财务与金融市场等,已获得特许金融分析师(CFA)等证书,并为美国金融协会(AFA)会员。