The undrepricing of venture backed non venture backed IPOs in China

摘要

IPO underpricing is common and there are lots of evidence and theory for that. In this article, we compare the underpricing of the venture backed and non-venture backed IPOs in China. We discover that the venture backed IPOs in China tend to underprice more than non-venture backed their counterparts; however, the T test is insignificant which is inconsistent with Lee and Wahal's discovery in US. We are also explore the reason behind