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Conference Paper: IPO location as a quality signal: the case of Chinese developers

TitleIPO location as a quality signal: the case of Chinese developers
Authors
KeywordsIPO
Location
Signaling
Underpricing
Issue Date2014
PublisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0895-5638
Citation
The 2012 NUS-MIT-Maastrict Real Estate Finance and Investment Symposium, Singapore, 27-28 August 2012. In Journal of Real Estate Finance and Economics, 2014, v. 49 n. 4, p. 551-567 How to Cite?
AbstractA growing number of Mainland Chinese real estate firms went public over the past decade. Some floated their shares in Hong Kong, while others were listed on Mainland China stock exchanges. This paper empirically examines the determinants of their initial public offering (IPO) location choice. Based on probit analysis, we found that developers with better unobserved quality are more likely to list in Hong Kong than in the Mainland. State ownership, gearing ratio, and property market performance are other significant determinants of IPO locations. A further test shows that the degree of IPO underpricing is larger for firms listed in Mainland China than those listed in Hong Kong. All these findings are consistent with the signaling hypothesis—good firms signal their quality to investors by listing in market with more stringent regulatory environment where other firms cannot afford to imitate.
DescriptionThis journal issue entitled: 2011-2012 Maastricht-NUS-MIT Conference
Persistent Identifierhttp://hdl.handle.net/10722/153299
ISSN
2015 Impact Factor: 0.698
2015 SCImago Journal Rankings: 1.144

 

DC FieldValueLanguage
dc.contributor.authorWong, SKen_US
dc.contributor.authorWei, Qen_US
dc.contributor.authorChau, KWen_US
dc.date.accessioned2012-07-16T10:05:14Z-
dc.date.available2012-07-16T10:05:14Z-
dc.date.issued2014en_US
dc.identifier.citationThe 2012 NUS-MIT-Maastrict Real Estate Finance and Investment Symposium, Singapore, 27-28 August 2012. In Journal of Real Estate Finance and Economics, 2014, v. 49 n. 4, p. 551-567en_US
dc.identifier.issn0895-5638-
dc.identifier.urihttp://hdl.handle.net/10722/153299-
dc.descriptionThis journal issue entitled: 2011-2012 Maastricht-NUS-MIT Conference-
dc.description.abstractA growing number of Mainland Chinese real estate firms went public over the past decade. Some floated their shares in Hong Kong, while others were listed on Mainland China stock exchanges. This paper empirically examines the determinants of their initial public offering (IPO) location choice. Based on probit analysis, we found that developers with better unobserved quality are more likely to list in Hong Kong than in the Mainland. State ownership, gearing ratio, and property market performance are other significant determinants of IPO locations. A further test shows that the degree of IPO underpricing is larger for firms listed in Mainland China than those listed in Hong Kong. All these findings are consistent with the signaling hypothesis—good firms signal their quality to investors by listing in market with more stringent regulatory environment where other firms cannot afford to imitate.-
dc.languageengen_US
dc.publisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=0895-5638-
dc.relation.ispartofJournal of Real Estate Finance and Economicsen_US
dc.rightsThe original publication is available at www.springerlink.com-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectIPO-
dc.subjectLocation-
dc.subjectSignaling-
dc.subjectUnderpricing-
dc.titleIPO location as a quality signal: the case of Chinese developersen_US
dc.typeConference_Paperen_US
dc.identifier.emailWong, SK: kelvin.wong@hku.hken_US
dc.identifier.emailChau, KW: hrrbckw@hku.hken_US
dc.identifier.authorityWong, SK=rp01028en_US
dc.identifier.authorityChau, KW=rp00993en_US
dc.description.naturepostprint-
dc.identifier.doi10.1007/s11146-013-9441-0-
dc.identifier.scopuseid_2-s2.0-84907594190-
dc.identifier.hkuros201871en_US
dc.identifier.hkuros243399-
dc.identifier.volume49-
dc.identifier.issue4-
dc.identifier.spage551-
dc.identifier.epage567-
dc.publisher.placeUnited States-
dc.customcontrol.immutablesml 150226-

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