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postgraduate thesis: Determinants of IPO gross spreads: evidence from China

TitleDeterminants of IPO gross spreads: evidence from China
Authors
Advisors
Advisor(s):Zhou, X
Issue Date2013
PublisherThe University of Hong Kong (Pokfulam, Hong Kong)
Citation
Wang, Y. [王遥]. (2013). Determinants of IPO gross spreads : evidence from China. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR. Retrieved from http://dx.doi.org/10.5353/th_b5090000
AbstractThis 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.
DegreeMaster of Philosophy
SubjectGoing public (Securities) - China.
Dept/ProgramEconomics and Finance
Persistent Identifierhttp://hdl.handle.net/10722/192855

 

DC FieldValueLanguage
dc.contributor.advisorZhou, X-
dc.contributor.authorWang, Yao-
dc.contributor.author王遥-
dc.date.accessioned2013-11-24T02:01:13Z-
dc.date.available2013-11-24T02:01:13Z-
dc.date.issued2013-
dc.identifier.citationWang, Y. [王遥]. (2013). Determinants of IPO gross spreads : evidence from China. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR. Retrieved from http://dx.doi.org/10.5353/th_b5090000-
dc.identifier.urihttp://hdl.handle.net/10722/192855-
dc.description.abstractThis 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.-
dc.languageeng-
dc.publisherThe University of Hong Kong (Pokfulam, Hong Kong)-
dc.relation.ispartofHKU Theses Online (HKUTO)-
dc.rightsThe author retains all proprietary rights, (such as patent rights) and the right to use in future works.-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.source.urihttp://hub.hku.hk/bib/B50900006-
dc.subject.lcshGoing public (Securities) - China.-
dc.titleDeterminants of IPO gross spreads: evidence from China-
dc.typePG_Thesis-
dc.identifier.hkulb5090000-
dc.description.thesisnameMaster of Philosophy-
dc.description.thesislevelMaster-
dc.description.thesisdisciplineEconomics and Finance-
dc.description.naturepublished_or_final_version-
dc.identifier.doi10.5353/th_b5090000-
dc.date.hkucongregation2013-

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