敢问路在何方——舒朗IPO失利背后的思索

近日,山东舒朗服装服饰股份有限公司首发申请未获通过,未能成为＂中国第一个上市的本土女装公司＂。资本的＂蓝海＂吸引了无数纺织企业的目光,在当前银根紧缩的大环境下,上市融资的意义有多大,纺织企业心知肚明。作为中国本土女装品牌的翘楚,舒朗上市的受阻引发行业内一片叹息与追问,舒朗叩击资本大门失利,背后的原因是什么？而民族女装品牌又将何去何从？     

创业板IPO中的配售机制与定价效率研究

询价制的本质是通过向机构投资者询价,发现市场真实需求,从而确定反映市场供给与需求的合理价格。本文研究表明:询价对象报价的诚实程度是影响询价制定价效率关键因素和前提条件。中美两国的询价制中不同的配售机制直接影响了询价对象报价的诚实程度,是中国IPO抑价率继续处于相对较高水平的根本原因。其中,抽签配售的激励强于按比例配售的激励,从而导致不同的抑价率。不同配售机制是导致中国创业板产生不同抑价率的根本原因。     

How Does Ambiguity Influence IPO Underpricing? The Role of the Signalling Environment

We explore the relationship between ambiguity, or low information clarity, in the IPO prospectus of newly public firms and their underpricing. Consistent with signalling theory, we find that IPO underpricing is low when the prospectus contains less ambiguous information that creates a more reliable signal conveying the quality of the IPO firm. However, the positive association between ambiguity and IPO underpricing is less pronounced when IPO firms display low strategic conformity with other firms in the industry, operate in industries with high valuation heterogeneity, or are medium‐sized. Using a sample of 398 IPOs between 1998 and 2007, our results support these predictions. This study shows the importance of the signalling environment influencing boundedly rational signal recipients interpreting ambiguous signals.     

私人股权基金（PE）对我国资本市场的影响

近年来，私人股权基金（Private Equit）在全球经济一体化蓬勃发展的背景下．已经成为国际金融市场上的“新锐”角色。中国作为亚洲新兴市场的代表——最有前途的私人股权投资市场．得到国际大投行的青睐。虽然私人股权投资在我国的发展有很大的机遇．但是由于法律和制度不健全等因素．私人股权基金在我国还面临许多挑战。私人股权基金要在我国健康发展．还急需解决基础研究、退出方式等问题。     

Market Underreaction to Free Cash Flows from IPOs

I examine the relation between initial public offering (IPO) long‐run stock performance and the amount of cash raised by the firm in the offering. I find that IPOs raising more cash have poorer long‐run performance. The result is robust to different measurement methods. The evidence suggests that the market underreacts to free cash flow related agency problems in IPOs. Consistent with this interpretation, I find that IPO long‐run performance is more sensitive to the new cash raised in the offering if an IPO firm has lower capital expenditure or higher opening bid‐ask spread.     

我国股票上市首日超额收益影响因素的实证研究

在股权分置改革的背景下,运用多元线性回归模型的加权最小二乘法,对2004年1月1日至2006年12月31日期间发行上市的167只A股股票的实证研究,发现发行价格、上市首日股票换手率、筹资规模、发行市盈率以及市场指数等因素对上市首日超额收益具有重要影响,而发行前每股净资产、发行后实际流通股比例、发行方式及股权分置改革等因素对上市首日超额收益影响不明显。     

Institutional impact on the expropriation of private benefits of control in North Africa

This paper examines the effectiveness of six institutional quality measures, namely corruption control, effective government, political stability, regulatory quality, rule of law and voice and accountability, in inhibiting self-rewarding behaviour of boards in terms of their compensation as well as in influencing the likelihood of disclosure of individual executive salaries in IPO listings prospectuses. Using a unique and comprehensive dataset of 78 hand-collected IPO firms from across North Africa from 2000 to 2012 I find substantial evidence that government effectiveness and corruption control are important in inhibiting director self-reward and expropriation while political stability is more associated with increased likelihood of transparency in reporting of salaries. In addition firms from poor informational environments are more likely to initiate enhanced self-governance and transparency so as to overcome institutional deficiencies.     

Forecasts in IPO Prospectuses: The Effect of Corporate Governance on Earnings Management

Prior research suggests that managers may use earnings management to meet voluntary earnings forecasts. We document the extent of earnings management undertaken within Canadian Initial Public Offerings (IPOs) and study the extent to which companies with better corporate governance systems are less likely to use earnings management to achieve their earnings forecasts. In addition, we test other factors that differentiate forecasting from non‐forecasting firms, and assess the impact of forecasting and corporate governance on future cash flow prediction. We find that firms with better corporate governance are less likely to include a voluntary earnings forecast in their IPO prospectus. In addition, we find that while IPO firms use accruals management to meet forecasts; the informativeness of the discretionary accruals depends on whether or not the firm would have missed its forecast without the use of discretionary accruals.     

The role of internationalization on the IPO performance of service firms: Examination of initial returns,long-run returns,and survivability

This study examines the effect of internationalization on the initial and long-run IPO performance of service firms. The study discusses that pre-IPO internationalization of service firms contributes to the explanation of long-discussed IPO underpricing phenomenon, and underperformance of IPOs in the long-run. Sample of the study includes 1822 IPO issues conducted by US service firms between 1980 and 2009. Findings of the study suggest that international service firms leave less money on table in their IPOs compared to domestic service firms by providing significantly lower first day returns to their investors on their first day of public trading. Moreover, our findings provide evidence that 3-year cumulative abnormal returns and 3-year buy-and-hold returns of international service firms are significantly higher than domestic service firms, and international service firms outperform domestic service firms in both operating return on assets and operating cash flows in the post-IPO period. Lastly, the study documents that survival rate of service firms subsequent to an IPO issue increases with pre-IPO internationalization.