Effect of geographical distance between underwriters and listed companies on IPO underpricing: Evidence from China's A-share market

被引：6
|
作者：
Wang, Feng [1 ]
Chai, Wei [1 ]
Yan, Bin [1 ]
Shan, Jing [1 ]
Fan, Wenna [1 ]
机构：
[1] China Univ Min & Technol, Sch Econ & Management, Xuzhou 221116, Jiangsu, Peoples R China
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2022年 / 79卷
关键词：
IPO underpricing; Underwriter; Geographical distance; Listed company; EARNINGS MANAGEMENT EVIDENCE; INITIAL PUBLIC OFFERINGS; IMPACT; REPUTATION; OWNERSHIP; CERTIFICATION; PERFORMANCE; PROXIMITY; AUDITOR; REFORMS;
D O I：
10.1016/j.iref.2022.02.060
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study uses samples from China's A-share IPO between 2008 and 2018 to examine the relationship between geographical distance and IPO underpricing. We find that geographical distance between underwriters and the listed companies is significantly and negatively associated with the IPO underpricing, indicating that geographical proximity increases the IPO underpricing. We further find that reputation mechanism of underwriters needs further improvement while regulatory scrutiny could improve efficiency of capital market in China. This study further expands the research perspective on IPO underpricing.
引用
收藏
页码：340 / 352
页数：13
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