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- W4283274706 abstract "We study strategic behavior of insiders in ChiNext IPOs. Since traditional initial underpricing is not appropriate due to the jawbone P/E ratio approach and maximum initial return cap we propose two alternative measures. We identify a significantly positive relationship between insiders' shareholdings and initial underpricing. With no discretion on IPO offer price, the insiders implement earnings management to maintain higher stock prices induced by regulatory changes and high market demand and to facilitate selling their unlocked shares after lockup expiration. We confirm a negative impact from insiders' share sales on long-term performance but don't observe a dramatic underperformance as documented." @default.
- W4283274706 created "2022-06-23" @default.
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- W4283274706 date "2022-12-01" @default.
- W4283274706 modified "2023-10-14" @default.
- W4283274706 title "Strategic behavior of insiders in initial underpricing and long-run underperformance" @default.
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- W4283274706 doi "https://doi.org/10.1016/j.ememar.2022.100940" @default.
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