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postgraduate thesis: Determinants of IPO gross spreads: evidence from China
| Title | Determinants of IPO gross spreads: evidence from China |
|---|---|
| Authors | |
| Advisors | Advisor(s):Zhou, X |
| Issue Date | 2013 |
| Publisher | The 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 |
| Abstract | 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. |
| Degree | Master of Philosophy |
| Subject | Going public (Securities) - China. |
| Dept/Program | Economics and Finance |
| Persistent Identifier | http://hdl.handle.net/10722/192855 |
| HKU Library Item ID | b5090000 |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.advisor | Zhou, X | - |
| dc.contributor.author | Wang, Yao | - |
| dc.contributor.author | 王遥 | - |
| dc.date.accessioned | 2013-11-24T02:01:13Z | - |
| dc.date.available | 2013-11-24T02:01:13Z | - |
| dc.date.issued | 2013 | - |
| dc.identifier.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 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/192855 | - |
| dc.description.abstract | 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. | - |
| dc.language | eng | - |
| dc.publisher | The University of Hong Kong (Pokfulam, Hong Kong) | - |
| dc.relation.ispartof | HKU Theses Online (HKUTO) | - |
| dc.rights | The author retains all proprietary rights, (such as patent rights) and the right to use in future works. | - |
| dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
| dc.source.uri | http://hub.hku.hk/bib/B50900006 | - |
| dc.subject.lcsh | Going public (Securities) - China. | - |
| dc.title | Determinants of IPO gross spreads: evidence from China | - |
| dc.type | PG_Thesis | - |
| dc.identifier.hkul | b5090000 | - |
| dc.description.thesisname | Master of Philosophy | - |
| dc.description.thesislevel | Master | - |
| dc.description.thesisdiscipline | Economics and Finance | - |
| dc.description.nature | published_or_final_version | - |
| dc.identifier.doi | 10.5353/th_b5090000 | - |
| dc.date.hkucongregation | 2013 | - |
| dc.identifier.mmsid | 991035826609703414 | - |