基金打新是“送礼祝贺”吗?——基于中国特色IPO配售制度的研究
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财经研究 2013 年 第 39 卷第 08 期, 页码：88 - 99
摘要
参考文献
摘要
文章研究了2005-2012年中国特色IPO配售制度下基金申购IPO的行为,发现关联基金和非关联基金在不同情形下扮演着不同角色。在配售热门IPO以及牛市期间配售IPO时,关联基金获配其中较差的部分;在配售冷门IPO以及熊市期间配售IPO时,非关联基金为承销商"送礼祝贺",获配其中较差的部分,其回报是在牛市中获配更多的热门IPO。研究还发现券商系基金通过"礼尚往来"的方式相互为承销商承销新股"送礼祝贺"。
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[2]Ritter J R,Zhang D.Affiliated mutual funds and the allocation of initial public offerings[J].Journal of Financial Economics,2007,86(2):337-368.
[3]Hao Q,Yan X.The performance of investment bank affiliated mutual funds:Conflicts of interest or informational advantage[J].Journal of Financial and Quantitative Analy-sis,2012,47(3):537-565.
[4]Nimalendran M,Ritter J R,Zhang D.Do today’s trades affect tomorrow’s IPO alloca-tions[J].Journal of Financial Economics,2007,84(1):87-109.
[5]Goldstein M,Irvine P,Puckett A.Purchasing IPOs with commissions:Theoretical pre-dictions and empirical results[EB/OL].www.hbs.edu/entrepreneurship/pdf/Goldstein_Irvine_Puckett-summary.pdf,2008.
[6]Reuter J.Are IPO allocations for sale?Evidence from mutual funds[J].The Journal of Finance,2006,61(5):2289-2324.
引用本文
彭文平. 基金打新是“送礼祝贺”吗?——基于中国特色IPO配售制度的研究[J]. 财经研究, 2013, 39(8): 88–99.
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