主讲人：复旦大学 孙谦教授

主 题：Do IPOs affect the market price? Evidence from China

       IPO会影响市场价格吗？来自中国的证据

时 间：2016年4月16日上午9:00-10:00

地 点：文泉楼6163银河.net163.am1楼106实验室（暂定）

主办单位：6163银河.net163.am

          自科基金《海外投资集群化、外部化与“逆向技术溢出”效应研究》课题组

摘 要：

Prior research shows that IPOs impact the prices of other stocks that are closely correlated with the IPOs. We go one step further to examine whether sizable IPOs affect the market as a whole. Using an IPO sample from China, we find robust evidence that sizeable IPOs do depress the market return as a whole on the offering day and the listing day, and there is a significant price reversal on the day following the IPO listing. We also find evidence that the market order imbalance on the pre-offering day and the listing day is lower than on an ordinary day but higher on the day following the listing. Given China’s market capitalization, trading volume, and our sample size, these findings lend strong support for the hypotheses that sizeable IPOs attract investor attention and crowd out the demand for other stocks in the market, and that the market impact of such supply shocks are transitory.

主讲人简介：

孙谦，现任复旦大学特聘教授、博士生导师、复旦大学管理学院财务金融系系主任。先后获得北京大学经济学学士学位、美国威廉派得森学院工商管理硕士学位以及美国亚里桑那州立大学经济学博士学位，曾任新加坡南洋理工大学终身副教授、厦门大学财务管理与会计研究院院长，在国内外多家学术期刊担任编委或董事职务。孙谦教授是公司财务与国际金融领域的著名学者，在国际顶级学术期刊Journal of Financial Economics、Journal of Banking and Finance、Journal of Corporate Finance、Financial Management、Journal of Business Finance and Accounting上发表论文30余篇，主持过多项国家自然科学基金项目，并担任亚洲金融协会理事（Asian Finance Association Board Member）和亚洲影子金融监管委员会委员（Asian Shadow Financial Regulatory Committee Member）等社会兼职。