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【学术讲座】6月7日:曹夏平(Price Up-Limit and Divergence of Opinion on IPOs, Evidence from a Quasi Natural Experiment)

文章来源: 发表时间:2018-06-06 11:09:20点击次数:

经济学院2018年第四十四次学术讲座

主讲人:曹夏平教授

单 位:中山大学岭南学院

题 目:Price Up-Limit and Divergence of Opinion on IPOs, Evidence from a Quasi Natural Experiment

时 间:2018年6月7日(周四)上午10:00

地 点:经济学院402会议室

经济学院

2018年64

摘 要:Two stock exchanges in China imposed a new trading rule with price up-limit of 44% on the first trading day for IPOs after 2013. This event offers a quasi-natural experiment to test Miller (1977)’s theory of investor sentiment on asset pricing. We document that the trading rule significantly magnifies IPO underpricing and short-term price run-up. Initial trading shows a significant reduction with a pronounced divergence between big and small net buy. Post-IPO, the trading rule results in an upward shift of both turnover and volatility over next 6 months. The evidence suggests that the price up-limit restriction imposed by stock exchanges on IPOs exacerbates investment sentiment and widens divergence of opinion among investors.

作者简介:曹夏平教授,本科毕业于华中科技大学经济学院,美国波士顿学院博士,曾任职于新加坡管理大学,现就职于中山大学岭南学院金融系,院长助理,博士生项目主任。曹夏平教授研究方向为资本市场,公司金融和私募股权,已在Journal of Financial Economics、Journal of Financial and Quantitative Analysis、Journal of Corporate Finance等权威期刊发表论文10余篇。

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