The impact of economic policy uncertainty on IPO underpricing: Evidence from China

被引：3
|
作者：
Pan, Wanbin [1 ]
Liu, Yanliang [2 ]
Tao, Libin [3 ]
机构：
[1] Univ Sci & Technol China, Int Inst Finance, Sch Management, Hefei 230026, Anhui, Peoples R China
[2] Univ Sci & Technol China, Sch Management, Hefei 230026, Anhui, Peoples R China
[3] Univ Int Business & Econ, China Sch Banking & Finance, Beijing 100029, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2024年 / 59卷
基金：
中国国家自然科学基金;
关键词：
IPO underpricing; Economic policy uncertainty; Underwriter reputation;
D O I：
10.1016/j.frl.2023.104810
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Based on a sample of 1,656 IPOs in the Chinese stock market from 2009 to 2022, this paper provides evidence that an increase in economic policy uncertainty (EPU) significantly reduces the level of IPO underpricing. In addition, by decomposing IPO underpricing, we find that this effect is driven by both primary and secondary markets. Finally, subsample regressions show that EPU significantly decreases primary (secondary) market underpricing for companies underwritten by the top 10 (non-top 10) underwriters.
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页数：9
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