The differential impact of the bank-firm relationship on IPO underpricing: evidence from China

被引：16
|
作者：
Hao, Xiangchao [1 ]
Shi, Jing [2 ,3 ]
Yang, Jian [4 ]
机构：
[1] Nankai Univ, Sch Econ, Tianjin 300071, Peoples R China
[2] Jiangxi Univ Finance & Econ, Int Inst Financial Studies, Nanchang 330013, Peoples R China
[3] RMIT Univ, Sch Econ Finance & Mkt, Melbourne, Vic 3001, Australia
[4] Univ Colorado, Sch Business, Denver, CO 80217 USA
来源：
PACIFIC-BASIN FINANCE JOURNAL | 2014年 / 30卷
基金：
中国国家自然科学基金;
关键词：
The bank-firm relationship; Bank's credit quality; Political connections; Initial public offerings; Commercial banks; INITIAL PUBLIC OFFERINGS; LONG-RUN PERFORMANCE; PRIVATIZED FIRMS; OPERATING PERFORMANCE; LENDING RELATIONSHIPS; GOVERNMENT OWNERSHIP; INFORMATION-CONTENT; LITIGATION RISK; REPUTATION; MARKET;
D O I：
10.1016/j.pacfin.2014.10.004
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the impact of the bank-firm relationship on IPO underpricing in China, an emerging economy with a bank-dominated financial system. Utilizing a hand-collected loan data for 902 Chinese IPO firms from 2004 to 2011, we document that the bank-firm relationship reduces the degree of IPO underpricing. Both the lender's and the borrower's firm characteristics affect the signal quality of the bank-firm relationship, resulting in differential impacts on IPO underpricing. The relationship between firms and banks with high credit quality or the relationship between politically unconnected firms and banks has a more positive impact on mitigating IPO underpricing. (C) 2014 Elsevier B.V. All rights reserved.
引用
收藏
页码：207 / 232
页数：26
相关论文
共 50 条
  • [1] The Impact of a Strong Bank-Firm Relationship on the Borrowing Firm
    Dass, Nishant
    Massa, Massimo
    REVIEW OF FINANCIAL STUDIES, 2011, 24 (04): : 1204 - 1260
  • [2] The influence of the bank-firm relationship on enterprises' technological innovation efficiency: Evidence from China
    Yin, Lei
    Du, Shanxing
    Chen, Ge
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2024, 89 : 1583 - 1600
  • [3] Bank-firm relationship and loan maturity: Evidence from Japanese SMEs
    Kachkach, Islam
    Uchida, Hirofumi
    JOURNAL OF THE JAPANESE AND INTERNATIONAL ECONOMIES, 2022, 66
  • [4] The Impact of the Tone of a Prospectus on IPO Underpricing: Evidence from China
    Qi, Jun
    Chi, Qinwei
    Yang, Ni
    Ouyang, Junyan
    AUSTRALIAN ACCOUNTING REVIEW, 2023, 33 (04) : 375 - 390
  • [5] Risk contagion of bank-firm loan network: evidence from China
    Qingmin Hao
    Jim Huangnan Shen
    Chien-Chiang Lee
    Eurasian Business Review, 2023, 13 : 341 - 361
  • [6] Risk contagion of bank-firm loan network: evidence from China
    Hao, Qingmin
    Shen, Jim Huangnan
    Lee, Chien-Chiang
    EURASIAN BUSINESS REVIEW, 2023, 13 (02) : 341 - 361
  • [7] Predicting SMEs' default risk: Evidence from bank-firm relationship data
    Modina, Michele
    Pietrovito, Filomena
    Gallucci, Carmen
    Formisano, Vincenzo
    QUARTERLY REVIEW OF ECONOMICS AND FINANCE, 2023, 89 : 254 - 268
  • [8] Dark-side evidence on bank-firm relationship in Japan
    Yao, Jun
    Ouyang, Hongbing
    JAPAN AND THE WORLD ECONOMY, 2007, 19 (02) : 198 - 213
  • [9] Cash policy and the bank-firm relationship
    Cui, Weihan
    Ly Kim Cuong
    Shimizu, Katsutoshi
    ECONOMIC MODELLING, 2020, 91 : 804 - 818
  • [10] The impact of economic policy uncertainty on IPO underpricing: Evidence from China
    Pan, Wanbin
    Liu, Yanliang
    Tao, Libin
    FINANCE RESEARCH LETTERS, 2024, 59
12345