In excess of 1,500 firms have listed publicly on the Shanghai and Shenzhen stock exchanges in China since 1990. With close to 20 years of unique IPO activity, China represents a rich source of data to explore the IPO aftermarket performance. The sample of this study includes 311 IPOs issued from...

The 2005 policy decision to change the status of non-tradable state and non-state shares into tradable A shares ushers in a new era in the stock markets of China. Over time all of these shares will be tradable and potentially transferred to foreign and domestic private sector investors. These...

This is an empirical study that examines the underpricing and aftermarket long-term performance of IPOs in China and IPO underpricing. Corporate governance aspects that may play a role in IPOs, such as ownership structure and external directors, are studied.The study show that firms with higher...