Do IPOs Affect Market Price? Evidence from China
研究中国大规模IPO对整体市场的影响，发现IPO在上市日和申购日都会压低市场价格，但影响是暂时的，且监管暂停IPO的效果不佳。
We examine whether sizable initial public offerings (IPOs) affect the whole market. Using a Chinese IPO sample, we find robust evidence that sizable IPOs depress the market price on not only the listing day but also the offering (subscription) day. The impact on the market is negatively correlated with IPO size on the listing day. However, this impact is largely transitory. The China Securities Regulatory Commission (CSRC) often places a moratorium on IPOs to support the market, which seems ineffective as the negative IPO effect is transitory and moratoriums are not perceived as good news.