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IPO (Initial Public Offerings) pricing is a systematic and complicated task that directly determines whether the capital market is able to function in a healthy way. As China's stock market goes through ups and downs, China Securities Regulatory Commission generally adopts a positive strategy. Therefore, to weaken the policy factors, 48 cases of IPO companies dated from January 2014 to February 2014...
In order to evaluate the real stock value of second board market enterprises in China, this paper try to build a effective model for measuring them. The model which we build were based on the EVA evolution model and enterprises life cycle theories. We choose a real high technology corporation to test our net present EVA model, and find that the real value of the corporation which computed by our model...
The accuracy of pricing in initial public offering under book-building method is determined by the efficiency of the information extraction mechanism. This article discloses that mechanisms involving underpricing, discretionary allocation are key factors to enhance the efficiency of information extraction, through proposing a “truth-telling” model In China, mechanism of discretionary allocation is...
This paper classed the investors in the primary market to arbitragers and noise traders, then analyzed the return of the investors from the primary market under the system of cash rationing in China. The results suggest that the arbitragers can work with changing their demand, but the effect of the arbitragers is limited by the demand of the noise traders. When the noise demand is less than the issue...
The pricing method of new shares issuing based on artificial neural network is studied in this paper. A three-layer neural network model is established and simulation tests are carried out. It shows that the BP network model established fits well with the real first day's closing price of stock and greatly improves the IPO pricing. It provides a new way to investors for forecasting IPO price of small...
Traditional IPO (initial public offering) underpricing theory is doubt by some empirical findings of IPO overpricing, and cannot explain well why there is the offer price-earning ratio constraint for a long time in China. This paper insists that there are many positive feedback traders in the primary market, whose demands of the new stock mainly depend on recent IPO initial returns. The existing of...
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