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Although premarket research for IPOs is scarce in the U.S.and many other countries.there are on average 9.88 brokers covering an IPO in the premarket in China.Using a sample of 1.098 Chinese IPOs from 2006 to 2012.we find that greater premarket analyst research coverage and more optimistic earnings forecasts have a statistically significant positive impact on offer price revisions.The estimated impacts are also economically important.For example,a one standard deviation increase in the number of brokers covering an IPO before the offer date can result in a 4.6%increase in offer price revisions,representing additional proceeds of Chinese ~45.75 million(U.S.$6.28 million).We also find that more premarket analyst research after the offer price is determined but before the trading starts has a significant positive impact on the first-day returns.Interestingly,unlike the pattern in other countries,we find that offer price revisions are negatively related to initial returns.Although public disclosure of valuation information from lead underwriters for the Facebook IPO might have benefited investors.we find that a rule change in China that requires such public disclosures has little impact on IPO pricing.