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Influencing factors of short- and long-term returns on IPOs in the Chinese and the U.S. capital markets : A systematic literature review
Krug, Moritz; Herberger, Tim Alexander (2024): Influencing factors of short- and long-term returns on IPOs in the Chinese and the U.S. capital markets : A systematic literature review, in: Bamberg: Otto-Friedrich-Universität, S. 8–26.
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Publisher Information:
Year of publication:
2024
Pages:
Source/Other editions:
Risk Governance and Control : Financial Markets and Institutions, 12 (2022), 2, S. 8-26. - ISSN: 2077-4303
Year of first publication:
2022
Language:
English
Abstract:
In their studies, Loughran, Ritter, and Rydqvist (1994), Fan, Wong, and Zhang (2007), Chi and Padgett (2005) as well as Ritter (1991) show differences in the regional characteristics of underpricing and overpricing in initial public offerings (IPOs). Our study analysis the regional differences in the influencing factors of underpricing or overpricing based on a systematic literature review that is focused on the Chinese and the U.S. capital markets. Therefore, following the systematic literature review protocol, it was possible to select 38 papers published between 1988 and 2019. Our results show that stock market-specific factors are crucial for regional differentiation. Results on the correlation between stakeholder- and issuance-specific factors are at least partially contradictory. The uniformly identified correlations of stakeholder and issuance factors diverge only slightly in both markets. The investigation of the influencing factors mentioned in the studies also reveals the causal relationship that the IPO return phenomenon of underpricing is influenced by site-exclusive and site-independent factors, whereas overpricing is primarily influenced by site-independent factors. We thus close an existing research gap and satisfy an important information need of issuers and investors.
GND Keywords: ; ; ; ; ;
Aktienrendite
Going Public
Kapitalmarkt
USA
China
Literaturbericht
Keywords: ; ; ;
Underpricing
Overpricing
Initial Public Offering
Systematic Literature Review
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Peer Reviewed:
Yes:
Type:
Article
Activation date:
July 11, 2024
Permalink
https://fis.uni-bamberg.de/handle/uniba/94699