{"title":"放松价格管制与投资者的IPO投机行为:中国注册制改革的证据","authors":"","doi":"10.1016/j.ribaf.2024.102493","DOIUrl":null,"url":null,"abstract":"<div><p>This study assesses the impact of market-oriented reforms of the Chinese initial public offering (IPO) system on investor speculation. The empirical results reveal that the registration-based IPO system reform expedites the release of investor sentiment and curbs speculation in the post-IPO period. The registration reform in the Sci-Tech Innovation Board (STAR market) is more effective than that in the Growth Enterprise Market (GEM), and the long-term effects surpass the short-term effects. Further tests indicate that greater institutional (individual) investor participation is the reason for higher (lower) reform efficiency; as investor sentiment increases, the dampening effect of the registration system reform on speculation decreases. Our study confirms the importance of market-oriented reform and provides implications for implementing efficient reforms in emerging markets with high levels of manipulation and speculation.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3000,"publicationDate":"2024-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Price deregulation and investors’ IPO speculation: Evidence from Chinese registration system reform\",\"authors\":\"\",\"doi\":\"10.1016/j.ribaf.2024.102493\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This study assesses the impact of market-oriented reforms of the Chinese initial public offering (IPO) system on investor speculation. The empirical results reveal that the registration-based IPO system reform expedites the release of investor sentiment and curbs speculation in the post-IPO period. The registration reform in the Sci-Tech Innovation Board (STAR market) is more effective than that in the Growth Enterprise Market (GEM), and the long-term effects surpass the short-term effects. Further tests indicate that greater institutional (individual) investor participation is the reason for higher (lower) reform efficiency; as investor sentiment increases, the dampening effect of the registration system reform on speculation decreases. Our study confirms the importance of market-oriented reform and provides implications for implementing efficient reforms in emerging markets with high levels of manipulation and speculation.</p></div>\",\"PeriodicalId\":51430,\"journal\":{\"name\":\"Research in International Business and Finance\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":6.3000,\"publicationDate\":\"2024-08-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Research in International Business and Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0275531924002861\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Research in International Business and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0275531924002861","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
Price deregulation and investors’ IPO speculation: Evidence from Chinese registration system reform
This study assesses the impact of market-oriented reforms of the Chinese initial public offering (IPO) system on investor speculation. The empirical results reveal that the registration-based IPO system reform expedites the release of investor sentiment and curbs speculation in the post-IPO period. The registration reform in the Sci-Tech Innovation Board (STAR market) is more effective than that in the Growth Enterprise Market (GEM), and the long-term effects surpass the short-term effects. Further tests indicate that greater institutional (individual) investor participation is the reason for higher (lower) reform efficiency; as investor sentiment increases, the dampening effect of the registration system reform on speculation decreases. Our study confirms the importance of market-oriented reform and provides implications for implementing efficient reforms in emerging markets with high levels of manipulation and speculation.
期刊介绍:
Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance