Valuation of high-tech stocks and the abnormal returns of new issues

Author: Jiang Daming
Publisher:
Publish Date: 2003-08-01
Features: This book selects A-share IPO stocks listed on the Shanghai Stock Exchange from 1998 to 2002, calculates their abnormal returns, and reveals the main factors influencing the pricing of IPOs, listing prices, and abnormal returns. In this study, the author combines the abnormal returns of IPO stocks with their offering prices and listing prices to explore the equilibrium relationship among these three factors, which will help research the reasonable relationship between primary market pricing and secondary market pricing. In China, the identification of high-tech companies, the examination of the rationality of shares of high-tech listed companies, and the value regions of these companies all require discussion, which is one of the main tasks of this book. Relatedly, the book also conducts empirical analysis on the price behavior characteristics of stocks of high-tech listed companies in the secondary market, as well as their short-term and long-term abnormal returns. The pricing of stocks in the primary and secondary markets of listed companies in China, as well as the abnormal returns of IPO stocks, have always been one of the focal points of the securities market. Another major task of this book is to conduct an empirical study on the abnormal returns of IPO stocks in China's stock market. The book selects A-share IPO stocks listed on the Shanghai Stock Exchange from 1998 to 2002, calculates their abnormal returns, and reveals the main factors influencing the pricing of IPOs, listing prices, and abnormal returns. In this study, the author combines the abnormal returns of IPO stocks with their offering prices and listing prices to explore the equilibrium relationship among these three factors, which will help research the reasonable relationship between primary market pricing and secondary market pricing.