Activities per year
Abstract
We analyze the anatomy of IPO waves in China and Hong Kong and draw comparisons with the US IPO cycles. The lead-lag relationship between IPO initial returns and IPO volume observed in the US is absent in these two Asian markets. Similar to the US, IPO volume in Hong Kong is sensitive to changes in market conditions and exhibits seasonal variations. In sharp contrast, however, Chinese IPO activity is much less responsive to past market returns and volatility. Surprisingly, hot markets still emerge in China, not because of market forces as in the US and Hong Kong, but due to regulatory choices.
Original language | English |
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Pages (from-to) | 14-26 |
Journal | International Review of Financial Analysis |
Volume | 40 |
Early online date | 21 May 2015 |
DOIs | |
Publication status | Published - Jul 2015 |
Keywords / Materials (for Non-textual outputs)
- IPO cyles
- initial returns
- China
- Hong Kong
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Dive into the research topics of 'IPO Waves in China and Hong Kong'. Together they form a unique fingerprint.Activities
- 1 Participation in conference
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22nd Annual Conference of the Multinational Finance Society
Gucbilmez, U. (Speaker)
28 Jun 2015 → 1 Jul 2015Activity: Participating in or organising an event types › Participation in conference