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Hu Jun. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2003. / Includes bibliographical references (leaves 52-55). / Abstracts in English and Chinese ; appendix also in Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Background --- p.2 / Chapter 2.1 --- The Development of China Capital Markets --- p.2 / Chapter 2.2 --- Comparison of Different Methods of Additional Financing --- p.4 / Chapter 2.3 --- Seasoned Equity Offering (SEO) in China --- p.6 / Chapter 3 --- Literature Review --- p.8 / Chapter 3.1 --- Literature on Price Effect of New Equity Offering Announcements --- p.8 / Chapter 3.1.1 --- Information Hypotheses --- p.8 / Chapter 3.1.2 --- Leverage-Related Capital Structure Hypotheses --- p.10 / Chapter 3.1.3 --- Price Pressure Hypothesis --- p.11 / Chapter 3.2 --- Literature Related to Operating Performance of Firms Conducting New Equity Issues --- p.12 / Chapter 4 --- Data --- p.14 / Chapter 5 --- Price Effect of Seasoned Equity Offering --- p.16 / Chapter 5.1 --- Methodology --- p.16 / Chapter 5.2 --- Results --- p.19 / Chapter 5.2.1 --- Announcement Day Effect --- p.19 / Chapter 5.2.2 --- Issue Size and Announcement Day Price Effect --- p.22 / Chapter 5.2.3 --- Cumulative Abnormal Return (CAR) Surrounding Announcement Day --- p.25 / Chapter 5.2.4 --- After Market Effect --- p.31 / Chapter 6 --- Operating Performance of SEO Firms --- p.34 / Chapter 7 --- Determinants of SEO Decision --- p.41 / Chapter 7.1 --- Financial Slack and SEO Decision --- p.41 / Chapter 7.2 --- Ratio of Floating Shares and SEO Decision --- p.44 / Chapter 8 --- Conclusion --- p.47 / Chapter 8.1 --- Summary --- p.47 / Chapter 8.2 --- Suggestion --- p.49 / Reference --- p.52 / Appendix A A Case Study On Seasoned Equity Offering --- p.56 / Appendix B Policies Related to Seasoned Equity Offering (Original Chinese Version) --- p.61

This thesis examines the fees charged by underwriters for conducting IPOs in China. By examining a sample of 1,171 Chinese IPOs conducted during 2001-2011, I obtain the first evidence from China on the direct issue cost, the gross spreads, and identify its determinants, including issue proceeds, number of lead managers, and lead manager reputation. The results show a pattern of over-time increase of the spreads, which is at 0.16 percentage points per year for state-owned enterprise (SOE) offerings and 0.73 percentage points per year for non-SOE ones. The gross spreads do not exhibit clustering, but are largely consistent with increased demand for underwriting services from non-SOEs that, together with increased complexity of underwriting, has pushed underwriting fees up. / published_or_final_version / Economics and Finance / Master / Master of Philosophy

published_or_final_version / Business Administration / Master / Master of Business Administration

Summary in Chinese. / Thesis (M.B.A.)--Chinese University of Hong Kong. / Bibliography: leaves 195-196.

published_or_final_version / Economics and Finance / Master / Master of Economics

published_or_final_version / Business / Doctoral / Doctor of Philosophy

published_or_final_version / Journalism and Media Studies Centre / Master / Master of Journalism

published_or_final_version / abstract / toc / Economics and Finance / Doctoral / Doctor of Philosophy

published_or_final_version / Business / Master / Master of Philosophy