【分享】一篇研究国内IPO市场的佳作

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Politically connected CEOs, corporate governance, and Post-IPO performance of China's newly partially privatized firms

Joseph P.H. Fana, , , T.J. Wonga and Tianyu Zhangb

aThe Chinese University of Hong Kong, Shatin, N.T., Hong Kong
bCity University of Hong Kong, Kowloon, Hong Kong

Received 19 August 2005;  revised 31 January 2006;  accepted 6 March 2006.  Available online 24 January 2007.

Abstract
Almost 27% of the CEOs in a sample of 790 newly partially privatized firms in China are former or current government bureaucrats. Firms with politically connected CEOs underperform those without politically connected CEOs by almost 18% based on three-year post-IPO stock returns and have poorer three-year post-IPO earnings growth, sales growth, and change in returns on sales. The negative effect of the CEO's political ties also show up in the first-day stock return. Finally, firms led by politically connected CEOs are more likely to appoint other bureaucrats to the board of directors rather than directors with relevant professional backgrounds.
Keywords: Political connections; Corporate governance; IPO performance; Partial privatization; China
JEL classification codes: G34; L33; P31

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关键词：IPO Professional Politically performance Connections 研究 分享 IPO 佳作

好文章 这次颁布新规则，也没从根本上解决国内的A股ＩＰＯ问题

个人以为欧美IPO理论界基于asymmetric information的winner curse,information acquisition theory还有Jay Ritter大力倡导的agency problem(spinning, laddering, analyst hpye, commission )无法完全解释国内井喷式的first day underpricing。这样的投机热情也许只能用behavioral  finance的角度来考量。“成渝高速上市首日股价暴涨202%，散户申购部分获得414倍的超额认购。”………………

中国的现象一定要考虑国情
单纯模仿国外的文献是很难得到满意结果的

好文共赏，谢谢楼主资源推荐！！                                          

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