This paper investigates the effects of export in the underpricing phenomenon of the Chinese IPO markets, using data from 1,285 IPO firms listed on the Shanghai and Shenzhen Exchanges from 1987 to 2015, and find that exports have a negative effect on initial returns. Second, the effect of exports...

This paper examines the effects of foreign indirect investment (FII), particularly focusing on exporting activities, on the stock market performances of Chinese firms, using data of 1,341 firms that went public on the Shanghai and Shenzhen Stock Exchanges from 2003 to 2015. We find that the...