題 目：Do IPOs affect the market: Evidence from China

時 間：2016年10月14日（周五）下午3:00-5:00

地 點：3號樓205室

主講人：孫謙教授

主辦單位：金融學(xué)院

主講人簡介:

孫謙，教育部高等學(xué)校金融學(xué)專業(yè)教學(xué)指導(dǎo)委員會副主任,、復(fù)旦大學(xué)管理學(xué)院財務(wù)金融系系主任,，博士生導(dǎo)師，特聘教授,。先后獲得北京大學(xué)經(jīng)濟(jì)學(xué)學(xué)士學(xué)位,、美國威廉派得森學(xué)院工商管理碩士學(xué)位以及美國亞里桑那州立大學(xué)經(jīng)濟(jì)學(xué)博士學(xué)位，曾任新加坡南洋理工大學(xué)終身副教授,、廈門大學(xué)財務(wù)管理與會計研究院院長,，在國內(nèi)外多家學(xué)術(shù)期刊擔(dān)任編委。孫謙教授是公司金融與國際金融領(lǐng)域的著名學(xué)者,，在國際頂級學(xué)術(shù)期刊Journal of Financial Economics,、Journal of Portfolio Management、Journal of Banking and Finance,、Journal of Corporate Finance,、Financial Management、Journal of Business Finance and Accounting上發(fā)表論文30余篇,，主持過4項國家自然科學(xué)基金項目,，并擔(dān)任亞洲金融學(xué)會副主席和亞洲影子金融監(jiān)管委員會委員等社會兼職。

報告摘要:

We examine whether sizable initial public offerings (IPOs) affect the whole market.Using a Chinese IPO sample, we find robust evidence that sizeable IPOs depress marketprices on not only the listing day but also the offering day. The IPO impact on the marketis negatively correlated with the IPO size on the listing day. However, the IPO impact islargely transitory. The China Securities Regulatory Commission (CSRC) often places amoratorium on IPOs to support the market, which seems ineffective as the negative IPOeffect is transitory and moratoriums are not perceived as good news.