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- W2962002174 abstract "This paper aims to shed light on the effect of a firm’s geographic proximity to the stock exchange on IPO activity in the Chinese context. I examine 2184 IPO firm-level observations from 2005 to 2017 and construct 6 hypotheses in relation to IPO activity. These hypotheses primarily rely on the conjecture that firms in different locations receive a different level of monitoring (i.e. stock exchange monitoring and institutional monitoring), resulting in different IPO outcomes. First, I investigate firm characteristics (political connection and firm age) and find that remote firms have more political connections and are relatively younger than firms closer to the stock exchange. Second, I examine underwriter reputation and due diligence and find that firms located far from the stock exchange are managed by less reputable underwriters as well as have a higher primary subscription from the underwriters to support the issue. Finally, I analyse the market reactions by looking at IPO first-day return and share subscription (institutional and retail investors). I exhibit that IPO underpricing is positively related to the distance between the firm location and the stock exchange. Retail investors are more likely to subscribe to shares of firms located closer to the stock exchange. Collectively, this is a comprehensive and robust location related IPO study that presents new findings and extends the prior literature." @default.
- W2962002174 created "2019-07-23" @default.
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- W2962002174 date "2018-10-26" @default.
- W2962002174 modified "2023-09-27" @default.
- W2962002174 title "Does firm geographic proximity matter? Evidence from IPO activity in China" @default.
- W2962002174 hasPublicationYear "2018" @default.
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