Zhou, Zhong-guo; Zhou, Janet - In: Chinese Economy 44 (2011) 5, pp. 55-71
A sample of 1,376 Chinese A-share initial public offerings (IPOs) from 1992 to 2005 is used to examine the relationship between monthly IPO volume and average initial returns. The two series are highly auto- and cross-correlated, with average initial returns leading IPO volume. However, the unit...