首次公开发行信息不对称与承销商的作用
外国经济与管理 2005 年 第 27 卷第 05 期, 页码:47 - 52
摘要
参考文献
摘要
首次公开发行市场上普遍存在着信息不对称现象,而承销商可以起到缓解这种现象的作用。大量的实证研究表明,有声望的承销商可以缓解首次公开发行股票定价过低和长期弱势的程度。本文在阐述和解释了市场上各种信息不对称现象的基础上,对首次公开发行过程中承销商及其声誉的作用进行了全面的分析,并介绍了国外该领域的最新研究成果,最后针对我国新股发行的情况,就新股发行制度及承销商声誉等提出了相应的建议。
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[2]Benveniste,L M andP A Spindt.How investment bankers determine the offer price and allocation of new issues[J].Jour nal ofFinancialEconomics,1989,24(2):343-361
[3]Benveniste,LawrenceM,WalidY Busaba, andWilliamJ Wilhelm.Information externalities and the role of underwritersin primary equity markets[J].Journal ofFinancialIntermediation,2002,11(1):61-86
[4]Bates,ThomasW andCraigG Dunbar.Investment bank reputation,market power,and the pricing and performance ofIPO[R].WorkingPaper ofRichardIvey school ofBusiness,University ofWesternOntario,2002:1-40.
[5]Corwin,A Shane andPaulShultz.The role ofIPO syndicate: underpricing certification and information production[R].WorkingPaper ofMendozaCollege ofBusiness,University ofNotreDame,2003:1-56.
[6]Chemmanur,J Thomas andPaoloFulghieri.Investment bank reputation,information production,and financial intermedia tion[J].Journal ofFinance,1994,49(1):57-79.
[7]Booth,J andR Smith.Capital raising,underwriting and the certification process[J].Journal ofFinancialEconomics,1986,15(2):261-281
[8]Carter,Richard andStevenManaster.Initial public offerings and underwriter reputation[J].Journal ofFinance,1990,45(4):1045-1067.
[9]Carter,B Richard,FrederickH Dark,andAjaiK Singh.Underwriter reputation,initial returns,and the long run perform ance ofIPO stocks[J].Journal ofFinance,1998,53(1):285-311.
[10]Beatty,RandolphP andIvoWelch.Issuer expenses and legal liability in initial public offerings[J].Journal ofLaw andEconomics,1996,39(3):545-602
引用本文
桑榕, 姚海鑫. 首次公开发行信息不对称与承销商的作用[J]. 外国经济与管理, 2005, 27(5): 47–52.
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