题目： Do IPOs Affect the Market Price? Evidence from China
主讲人：孙谦 教授 复旦大学财务金融系主任
时间：2016-10-13 14:00-16:00
地点：下沙校区综合楼二楼报告厅
主讲人简介：Short Bio
孙谦，经济学博士。现任复旦大学管理学院财务金融系系主任。孙教授曽执教于南洋理工大学和厦门大学。
孙教授长期从事资本市场、公司金融、国际金融等方面的研究，多有著述，在SSCI收录的国际前沿学术期刊上发表论文30篇。
孙教授是亚洲影子金融监管委员会委员，亚洲金融学会理事，教育部高等学校金融学专业教学指导委员会副主任。
Title: Do IPOs Affect the Market Price? Evidence from China
Abstract: We examine whether sizable initial public offerings (IPOs) affect the whole market. Using a
Chinese IPO sample, we find robust evidence that sizeable IPOs depress market prices on not
only the listing day but also the offering day. The IPO impact on the market is negatively
correlated with the IPO size on the listing day. However, the IPO impact is largely transitory.
The China Securities Regulatory Commission (CSRC) often places a moratorium on IPOs to
support the market, which seems ineffective as the negative IPO effect is transitory and
moratoriums are not perceived as good news.
主讲人：孙谦 教授 复旦大学财务金融系主任
时间：2016-10-13 14:00-16:00
地点：下沙校区综合楼二楼报告厅
主讲人简介：Short Bio
孙谦，经济学博士。现任复旦大学管理学院财务金融系系主任。孙教授曽执教于南洋理工大学和厦门大学。
孙教授长期从事资本市场、公司金融、国际金融等方面的研究，多有著述，在SSCI收录的国际前沿学术期刊上发表论文30篇。
孙教授是亚洲影子金融监管委员会委员，亚洲金融学会理事，教育部高等学校金融学专业教学指导委员会副主任。
Title: Do IPOs Affect the Market Price? Evidence from China
Abstract: We examine whether sizable initial public offerings (IPOs) affect the whole market. Using a
Chinese IPO sample, we find robust evidence that sizeable IPOs depress market prices on not
only the listing day but also the offering day. The IPO impact on the market is negatively
correlated with the IPO size on the listing day. However, the IPO impact is largely transitory.
The China Securities Regulatory Commission (CSRC) often places a moratorium on IPOs to
support the market, which seems ineffective as the negative IPO effect is transitory and
moratoriums are not perceived as good news.
