题目: EXTREME UNDERPRICING: DETERMINANTS OF CHINESE IPO INITIAL RETURNS 演讲者： Dr William L. Megginson，Professor & Rainbolt Chair in Finance Michael F. Price College of Business，The University of Oklahoma 时间:   2006年12月22日（星期五）3：00—4：30 PM     地点:         嘉庚二513 参加者:      对财务研究有兴趣的广大师生 主持人：   孙谦教授 报告论文摘要: The average underpricing of Chinese IPOs is 247 percent, the highest of any major world market. We model this extreme underpricing with a demand-supply analytical framework that captures critical institutional features of China’s primary market, and then empirically test this model using a sample of 1,397 IPOs listed on the Shanghai and Shenzhen Stock Exchanges between 1991 and 2004. We find that Chinese IPO underpricing is principally caused by regulation. The government regulator sets a cap on pricing IPO shares and stipulates IPO allocation quotas to control the supply of IPO shares. There is also a very long time gap between going public and the actual listing of shares for trading, which adds to the already high investment risks in China’s primary markets. 论文作者简介： Dr. Megginson has a B.S. degree in chemistry from Mississippi College, an MBA from Louisiana State University, and a Ph.D. in finance from Florida State University. He is Professor and Rainbolt Chair in Finance at the University of Oklahoma’s Michael F. Price College of Business. He is also a voting member of the Italian Ministry of Economics and Finance’s Global Advisory Committee on Privatization and Scientific Advisor for the Privatization Barometer. Professor Megginson's research interest has focused in recent years on the privatization of state-owned enterprises, especially those privatizations executed through public share offerings. He has published refereed articles in several top academic journals, including the Journal of Economic Literature, the Journal of Finance, the Journal of Financial Economics, the Journal of Financial and Quantitative Analysis, and Foreign Policy. His co-authored study documenting significant performance improvements in recently privatized companies received one of two Smith Breeden Distinguished Paper Awards for outstanding research published in the Journal of Finance during 1994. He is author or co-author of seven textbooks. Professor Megginson is the Vice-President for Financial Education of the Financial Management Association, the largest academic finance professional association, and he is also a member of the Executive Committee of the European Finance Association.