The Study of IPO's Industrial Effect in Shanghai and Shenzhen Stock Market
研究了1996年1月至2007年12月沪深股市中公司IPO对同行业股票收益的影响，发现IPO前同行业股票存在显著正超额收益，且受IPO特征影响。
According to the method used in FFJR(1969),this paper studies the effects of a firm's IPO on the returns of stocks in the same industrial categories in Shanghai and Shenzhen market from January 1996 to December 2007.The paper finds that before a firm's IPO,there is significant positive excess return in the same industrial categories,which is calledIPO's industrial effect,and the effect is influenced by the IPO's characteristics such as size,number etc.Finally,the authors provide a possible explanation for this effect.