The determinants of market-wide issue cycles for initial public offerings

This paper identifies the determinants of market-wide issue cycles for initial public offerings (IPOs) using an autoregressive conditional count model. We consider whether IPO volume is related to business conditions, investor sentiment, and time variation in adverse selection costs caused by asymmetric information between managers and investors. We provide evidence indicating that time variation in business conditions and investor sentiment are important determinants of monthly issue activity. By contrast, time variation in adverse selection costs does not significantly affect IPO volume.     

政府管制、企业创新与IPO时机选择

基于美式期权的思想,研究了在中国政府加快注册制改革的背景下政府行为和企业创新对IPO时机选择的影响,用泊松跳随机过程描述技术创新对企业现金流的冲击,即通过影响企业价值进而影响企业上市时机选择。利用2001—2015年的数据进行实证分析,从定性和定量的角度深入探讨了市场变量、政府变量和企业创新与IPO数量之间的动态关系。     

Is the Abnormal Post-IPO Underperformance Really Abnormal? The Evidence from CEE Emerging Markets

Using sorting procedures and cross-sectional tests, we investigate the long-run post-IPO performance and its sources in the Central and Eastern European (CEE) markets. We examine over 1100 stocks from 11 CEE countries for the period 2002–2014. We find that “old stocks” perform significantly better than “young stocks”, but only when the market beta is the sole risk factor considered. After accounting for the size and value effects, the IPO firms perform neither better nor worse than non-issuing companies. The sources of the initial low B/M ratios of debuting companies may lie in time-varying financial quality. The market newcomers are financially healthier than their older counterparts. However, over 2–5 years the fundamentals deteriorate and the financial standing regresses to the mean.     

零杠杆现象演变趋势与公司财务特征

零杠杆现象在我国上市公司中普遍存在,零杠杆公司占比逐年增长。研究发现, IPO重启、股票市场层次以及行业效应有助于解释逐年递增的零杠杆趋势。从财务特征来看,零杠杆公司规模小、年龄小、非债务税盾大、成长机会大、资产有形性低、现金流充裕、盈利性高、留存收益多、资本支出少;同时,零杠杆公司普遍受到融资约束,这意味着融资难的局面尚未改善,中小企业自身以及外部资本市场需要继续努力。     

上市公司IPO之后财务业绩变脸研究

从股权融资规模的角度对上市公司 IPO 之后的财务业绩变脸现象进行研究,由于中国股市的外部股权融资行为往往 NPV 大于0,即融资价格高于投资价值,许多劣质企业有强烈的融资和上市的动机。据此提出假说,并用 1992～2000年上市的 A 股公司数据对假说进行了实证检验。研究表明,融资规模越大的企业,在 IPO 当年变脸的可能性越大,而且变脸幅度也越大。     

我国沪深A股IPO折价问题再研究

通过普通最小二乘法对我国沪深A股IPO折价现象的多元线性回归分析发现,沪深A股IPO的折价程度不断减弱,定价逐渐趋于理性。实证分析中只有网上超额认购倍数、发行日与上市日之间的间隔期和我国在不同的历史时期采取的不同定价发行方式对IPO折价程度具有统计上的显著性。股票发行定价方式的改变是影响我国A股IPO折价程度高的主要原因。     

A Theory of Mergers and Merger Waves

We consider a sequential merger game between Cournot firms with homogeneous product and quadratic cost. A large slope of the marginal cost function or a small slope of inverse market demand are both predicted to increase the incentive to merge. The profitability of any merger increases with the number of mergers having already taken place. Thus, mergers tend to occur in waves in industries that have experienced exogenous shocks affecting firms’ cost or demand. We also show some mergers that are not profitable for merged firms in the short-run may take place in the early stage of a wave.     

技术创新与企业IPO后绩效表现

企业技术创新一直以来都是学术界研究的热点,对企业生产经营、行业竞争以及发展战略发挥着重要作用。传统企业技术创新衡量方法研究在IPO后绩效表现方面存在不足。研究发现,企业IPO决策过程中IPO时机与特征可以反映其技术创新动机,进而可基于技术创新角度对企业IPO后绩效表现作出合理解释。通过构建技术创新评价指标,对比分析了技术创新企业与非技术创新企业在IPO后长期绩效表现的异同点。结果表明：①技术创新动机与企业IPO后财务绩效正相关,技术创新强的企业在后市仍能保持良好业绩;②技术创新企业的长期市场表现看涨,而非技术创新企业则呈现波动;③技术创新企业存活质量明显高于非技术创新企业。     

China’s international trade development and opening-up policy design over the past four decades

ABSTRACT

China’s opening-up in the past four decades has gone through three waves: the extensive margin of opening-up (1978–2001), the intensive margin of opening-up (2001–2017), and all-around opening-up (since 2017). This paper explores these three stages of the country’s economic reform. China’s gains from trade have been inspired by different economic factors. Before the turn of the century, the large trade volume was due to the realization of comparative advantage based on the country’s factor endowment. However, after its accession to the World Trade Organization, China’s gains from trade have been due, in large part, to the realization of economic scale effects associated with the larger market.     

The institutional determinants of private equity involvement in business groups—The case of Africa

This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality – where this is particularly strong in case of foreign VC as opposed to domestic VC or BA. Our result adds to the literature on multifocal corporate governance mechanisms and the institutional determinants of private equity investment.