Title :
Empirical Study on Influential Factors of Underpricing in China Listed Companies´ Seasoned Equity Offerings
Author :
Yong, Wang ; Guan Zhong-liang
Author_Institution :
Sch. of Econ. & Manage., Beijing Normal Univ.
Abstract :
Seasoned equity offerings are main equity financing means. The paper analyses the determinants of seasoned equity offerings´ underpricing in China´s securities market empirically. The analysis indicates: the average degree of underpricing is 7.15% in seasoned equity offerings, and it present fall trend year after year. The empirical studies offer support for it is the determinants of the underpricing degree in seasoned equity offerings that overallotment option, EPS and controlling shareholders´ equity proportion are. This paper also points forward the thoughts and policy suggestions on improving the pricing measures according to analysis results
Keywords :
pricing; securities trading; statistical analysis; China securities market; pricing measure; seasoned equity offering; statistical analysis; stock price; Capacitive sensors; Feedback; Financial management; Forward contracts; IEEE news; Information security; Investments; Monopoly; Pricing; Proportional control; Pricing measures; Seasoned equity offerings; Underpricing;
Conference_Titel :
Management Science and Engineering, 2006. ICMSE '06. 2006 International Conference on
Conference_Location :
Lille
Print_ISBN :
7-5603-2355-3
DOI :
10.1109/ICMSE.2006.314045
