Zugl.: Trier, Univ., Diss., 2005

No description available.

Most initial public offerings (IPOs) feature share lockup agreements, which prohibit insiders from selling their shares for a specified period of time following the IPO. However, some IPO firms agree to have a much longer lockup period than other IPO firms, and some are willing to lockup a much larger proportion of shares. Thus, the primary research question for this study is: "What are the reasons for the divergence of the lockup agreements?" The two main hypotheses that this dissertation investigates are the signaling hypothesis based on information asymmetry, and the commitment hypothesis based on agency theory. This study uses methods that have not been applied by previous studies in the literature relating to IPO lockups. First, I directly use IPO firms operating performance as a proxy for firm quality. The results show neither a negative nor a strong positive relationship between lockup length and firm operating performance. Thus, based on operating performance, the evidence does not support the agency hypothesis while showing weak support for the signaling hypothesis. I then examine the long-run returns for IPO firms with different lockup lengths. I find that firms with short lockup lengths have much better long-run returns than firms with long lockup lengths. Therefore, the results reject the signaling hypothesis while supporting the agency hypothesis. This dissertation further contributes to the IPO long-run underperformance literature by showing that firms with a high agency problem have much worse long-run returns than those with a low agency problem. Finally, I investigate the short-term stock returns around lockup expiry. Generally, I find that firms with short lockup periods experience better stock returns around lockup expiry than firms with long lockup periods, though the returns are not significantly different from one another. Overall, I conclude that the results reject the signaling hypothesis while partially supporting the agency hypothesis. In addition, I show that firms with high agency problems have much worse stock returns than those with low agency problems around lockup expiry, even though the agency variable is not significant in the regression analysis.

No description available.

Zhu Yuande. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 83-87). / Abstracts in English and Chinese. / Chapter CHAPTER 1 --- Introduction --- p.1 / Chapter CHAPTER 2 --- Review of Theories and Literature --- p.4 / Chapter 2.1 --- Theoretical Explanations for IPO Underpricing: --- p.4 / Chapter 2.2 --- Empirical Studies Review on China's IPOs --- p.9 / Chapter CHAPTER 3 --- Introduction of China's IPO Market --- p.13 / Chapter 3.1 --- Chinese Securities Regulatory Commission (CSRC) --- p.13 / Chapter 3.2 --- How to Price and Distribute IPOs --- p.15 / Chapter 3.3 --- Valuing IPOs and Setting Base Price --- p.24 / Chapter 3.4 --- Conclusion of This Chapter --- p.26 / Chapter CHAPTER 4 --- Empirical Results and Analysis of Chinese IPO Pricing --- p.27 / Chapter 4.1 --- The Data and Research Methodology --- p.27 / Chapter 4.2 --- The Regression Results and Discussion --- p.29 / Chapter 4.3 --- Conclusion of This Chapter --- p.34 / Chapter CHAPTER 5 --- Theoretical Explanations of Underpricing Based on Chinese IPO Behaviors --- p.35 / Chapter 5.1 --- The Optimal Underpricing in China's Stock Market --- p.35 / Chapter 5.2 --- Empirical Tests on Some Theories --- p.38 / Chapter 5.21 --- Signaling Model --- p.38 / Chapter 5.22 --- The Impact of Underwriters --- p.45 / Chapter 5.23 --- Winner's Curse Test --- p.46 / Chapter 5.24 --- Extensive Presale Theory --- p.48 / Chapter CHAPTER 6 --- Empirical Results and Analysis of Underpricing in China's Market --- p.54 / Chapter 6.1 --- Underpricing in A-Share Market --- p.54 / Chapter 6.11 --- Survey of Underpricing --- p.54 / Chapter 6.12 --- Empirical Results on A-Share IPO Underpricing --- p.56 / Chapter 6.13 --- Conclusion of This Part --- p.66 / Chapter 6.2 --- Underpricing in B-share Market --- p.66 / Chapter 6.21 --- Survey of Underpricing --- p.66 / Chapter 6.22 --- Empirical Results on the B-share Market --- p.70 / Chapter 6.23 --- Conclusion of This Part --- p.77 / Chapter CHAPTER 7 --- Further Development of Chinese Stock Market --- p.78 / Chapter 7.1 --- Defects in Chinese Stock Market --- p.78 / Chapter 7.2 --- Further Development for Reducing Underpricing --- p.79 / Chapter CHAPTER 8 --- Conclusion --- p.81 / REFERENCE --- p.83

by Chan Tsz Kit, Lee Wing Chun, Vincent. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2001. / Includes bibliographical references (leaves 50-52). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF TABLES AND FIGUARES --- p.v / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Background and Features of GEM --- p.2 / Features of Small Cap Companies --- p.4 / Market Statistics --- p.5 / Number of IPO in the Market --- p.5 / IPO Fund Raised in the Market --- p.6 / IPO Fund Raised by Type --- p.7 / Business Nature of Listed Firms --- p.8 / Performance of GEM Market in Terms of GEI --- p.9 / GEM Corporate Governance --- p.10 / Two GEM Listing Rules Non-compliance Cases to Date --- p.10 / Other Controversy Issues of GEM --- p.11 / Selective wavier by tom.com --- p.11 / General relaxation of listing rules --- p.12 / Property acquisition by Timeless Software --- p.13 / Errors made by GEM companies --- p.13 / Excessive valuation --- p.14 / Quality of listed company --- p.15 / Undisclosed holdings of Panda-Recruit --- p.15 / Chapter II. --- LITERATURE REVIEW --- p.16 / Chapter III. --- DATA AND METHODOLOGY --- p.26 / Data Description --- p.27 / Chapter IV. --- EMPIRICAL EVIDENCE --- p.31 / Intraday and Weekly Stock Returns --- p.31 / Intraday Trading Volume --- p.36 / Discussing Conclusion for Quantitative Studies --- p.40 / Chapter V. --- QUALITATIVE STUDY OF GEM MARKET --- p.41 / Factors Contributed to the Prevailing Weak Sentiment on GEM --- p.41 / Blue-chip Backing --- p.41 / Mega-dollar Tech Deals Sent Tech Stocks to Higher Levels --- p.42 / Understanding on Issuer's Business is Key --- p.43 / Major Issues GEM Faces --- p.44 / Lack of Condemnation on the Listed Firms' Non-compliance --- p.44 / Attractiveness for Large Cap Issuers --- p.45 / Retail Investors Participation --- p.46 / PRC Second Board --- p.47 / Activities of Institutional Investors --- p.47 / GEI - A Good Proxy of GEM's Performance? --- p.48 / Discussing Conclusion for Qualitative Studies --- p.49 / BIBIOGRAPHY --- p.50

Wong Yu-kwan. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 74-77). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Literature Review --- p.8 / Chapter 3 --- Data and Methodology --- p.25 / Chapter 3.1 --- Data description --- p.25 / Chapter 3.2 --- Data sources --- p.27 / Chapter 3.3 --- Methodology --- p.28 / Chapter 4 --- Results --- p.40 / Chapter 4.1 --- Results of correlations --- p.40 / Chapter 4.2 --- Results of holding rates of returns- MAAMRORsubIPos --- p.44 / Chapter 4.3 --- The post-listing price performance of the IPO firms --- p.51 / Chapter 4.4 --- Regression results --- p.59 / Chapter 5 --- Discussion --- p.65 / Chapter 6 --- Conclusion --- p.70 / References --- p.74 / Tables --- p.78 / Appendix --- p.99

by Lu Shanshan, Yu Xiang. / Thesis (M.B.A.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 45-48). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.v / LIST OF TABLES --- p.vi / ACKNOWLEDGEMENTS --- p.vii / Chapter CHAPTER 1: --- INTRODUCTION --- p.1 / Chapter CHAPTER 2: --- GENERAL DESCRIPTION OF IPO PROCESS --- p.3 / REASONS FOR LISTING --- p.3 / SELECTION OF CAPITAL MARKET --- p.7 / GEM OR MAINBOARD --- p.14 / H SHARE OR RED CHIP OR ELSE --- p.18 / BASIC LISTING PROCEDURE --- p.20 / CONSIDERATIONS OF RESTRUCTURING --- p.24 / ROLE OF FINANCIAL ADVISORS --- p.26 / Chapter CHAPTER 3: --- DATA AND METHODOLOGY --- p.27 / RESEARCH PERIOD AND SOURCE --- p.27 / MEASURES AND FORMULAS --- p.27 / Chapter CHAPTER 4: --- UNDERPRICING ANALYSIS --- p.28 / LITERATURE REVIEW --- p.28 / MEASURES OF UNDERPRICING --- p.30 / RESULTS AND DISCUSSIONS --- p.31 / CONCLUSION --- p.36 / Chapter CHAPTER 5: --- POST-IPO PERFORMANCE ANALYSIS --- p.37 / LITERATURE REVIEW --- p.37 / MEASURES OF POST-IPO PERFORMANCE --- p.39 / RESULTS AND DISCUSSIONS --- p.40 / CONSTRAINTS OF RESEARCH --- p.43 / APPENDIX --- p.44 / BIBLIOGRAPHY --- p.45

Yuan Shuo. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2005. / Includes bibliographical references (leaves 49-53). / Abstracts in English and Chinese. / Chapter CHAPTER 1 --- Introduction --- p.1 / Chapter CHAPTER 2 --- Literature Review --- p.4 / Chapter 2.1 --- Worldwide IPO Underpricing --- p.4 / Chapter 2.2 --- IPO Underpricing in China --- p.10 / Chapter CHAPTER 3 --- New Explanations for IPO Underpricing --- p.12 / Chapter CHAPTER 4 --- "Data, Methodology and Empirical Results" --- p.15 / Chapter 4.1 --- Data --- p.15 / Chapter 4.2 --- Methodology --- p.19 / Chapter 4.3 --- Models and Empirical Results --- p.27 / Chapter 4.31 --- Underpricing Level Is Measured by the Percentage Difference Between the First Day's Closing Price and the Offer Price --- p.27 / Chapter 4.32 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Fifteen Trading Days' Closing Prices and the Offer Price --- p.34 / Chapter 4.33 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Seven Trading Days' Closing Prices and the Offer Price --- p.38 / Chapter 4.34 --- Underpricing Level Is Measured by the Percentage Difference Between the Average Price of the First Three Months' Closing Prices and the Offer Price. --- p.42 / Chapter CHAPTER 5 --- Conclusion --- p.47 / REFERENCE --- p.49 / APPENDIX 1 Detailed Regression Results --- p.54 / APPENDIX 2 The Issue Price and Stock Price Movement after IPO for Each Sample Firm --- p.70

by Wong Siu-Ming. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaf 77). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATION --- p.v / LIST OF TABLES --- p.vi / PREFACE --- p.vii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Objectives --- p.1 / Methodology --- p.1 / Selection of stock exchange for case study --- p.2 / Selection of target company and share type for case study --- p.3 / Definitions of abbreviation --- p.4 / Contribution --- p.5 / Chapter II. --- Shenzhen Stock Exchange --- p.6 / History of the stock markets in China --- p.6 / Particulars of Shenzhen Stock Exchange --- p.7 / Profiles of the listing companies on the SZSE --- p.10 / Capital raised and Market capitalization --- p.10 / Distribution of share types on the SZSE --- p.13 / Distribution of listing companies in different sectors --- p.14 / Types of listing companies in China's stock market --- p.15 / Selection criteria of stock exchange for new issue --- p.15 / Chapter III. --- IPO of 'A share' stocks on the Shenzhen Stock Exchange --- p.17 / Basic qualifications for listing on the SZSE --- p.17 / Listing procedures --- p.19 / Method of listing --- p.21 / Professional advisors --- p.22 / Pre´ؤlisting restructuring of state-owned enterprises --- p.24 / Documents required for listing application --- p.25 / Prospectus for listing --- p.26 / Profit estimate in the IPO prospectus --- p.27 / Requirement for further issue of shares after listing --- p.27 / Problems faced by the regulatory bodies --- p.28 / Chapter IV. --- Particulars of Jiangxi Ganneng Company Limited --- p.29 / "History, development and reorganization" --- p.29 / Principal activities --- p.31 / Organization structure of the Company --- p.32 / Pre-listing restructuring of the Company --- p.32 / Ownership structure --- p.34 / Management hierarchy --- p.35 / Financial performance --- p.38 / Listing of the Company --- p.39 / Chapter V. --- IPO pricing of Jiangxi Ganneng Company Limited --- p.41 / IPO Pricing --- p.41 / Computation of the Company's IPO price --- p.42 / Chapter VI. --- IPO Pricing in China --- p.44 / Valuation of companies in China --- p.44 / IPO pricing in China --- p.44 / Restriction on the price-earnings ratio of new issue --- p.45 / Adjustment of the price-earnings ratio of new issue --- p.46 / Evaluation of the current IPO pricing method in China --- p.48 / Chapter VII. --- The post-listing return performance of unseasoned issues of 'A share' stocks in Shenzhen --- p.51 / Methodology --- p.51 / Data Analysis --- p.52 / Measure of central tendency of the sample's 8 rate of return --- p.53 / Distribution of the 8 rate of return --- p.56 / Industry effect on the post-IPO return performance --- p.57 / Size effect on the post´ؤIPO return performance --- p.60 / Chapter VIII. --- Future Prospects of IPO market in China --- p.62 / The state planning of the privatization of state-owned enterprises in China --- p.62 / Impact on IPO of state-owned enterprises after the restructuring of State Council --- p.66 / Chapter IX. --- Conclusions --- p.67 / APPENDIX --- p.72 / BIBLIOGRAPHY --- p.77