Who do you take to tango? examining pairing mechanisms between underwriters and ipo firms in a nascent stock market

IF 5.4 2区管理学 Q1 BUSINESS

Strategic Entrepreneurship Journal Pub Date : 2021-10-30 DOI:10.1002/sej.1414

Y. Zhang, Jin Chen, Haiyang Li, Jin Jing

引用次数: 1

Abstract

According to a new study titled "Who do you take to tango? Examining pairing mechanisms between underwriters and initial public offering firms in a nascent stock market," high-reputation underwriters' client-picking behaviors differ in a nascent stock market than in a mature one. Previous research established that in mature markets, high-reputation underwriters are primarily paired with high-quality IPO firms. In a nascent capital market, however, high-reputation underwriters work with IPO firms of varying qualities—good and bad ones, including those who "cooked" their accounting books in order to meet public listing standards.

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你带谁去探戈？新兴股票市场中承销商与ipo公司的配对机制研究

根据一项名为“你带谁去跳探戈?”考察新兴股市中承销商与首次公开发行公司之间的配对机制，“高声誉承销商的客户选择行为在新兴股市与成熟股市中有所不同。以往的研究表明，在成熟市场中，高声誉的承销商通常与高质量的IPO公司配对。然而，在一个新生的资本市场上，高声誉的承销商与不同质量的IPO公司合作——好的和坏的，包括那些为了达到公开上市标准而“篡改”会计账簿的公司。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Strategic Entrepreneurship Journal Multiple-

CiteScore

11.10

自引率

1.60%

发文量

期刊介绍： The Strategic Entrepreneurship Journal is a research journal that publishes original work recommended by a developmental, double-blind review process conducted by peer scholars. Strategic entrepreneurship involves innovation and subsequent changes which add value to society and which change societal life in ways which have significant, sustainable, and durable consequences. The SEJ is international in scope and acknowledges theory- and evidence-based research conducted and/or applied in all regions of the world. It is devoted to content and quality standards based on scientific method, relevant theory, tested or testable propositions, and appropriate data and evidence, all replicable by others, and all representing original contributions. The SEJ values contributions which lead to improved practice of managing organizations as they deal with the entrepreneurial process involving imagination, insight, invention, and innovation and the inevitable changes and transformations that result and benefit society.