The Influence of the Reputation of Finance Intermediaries on IPO Underpricing in China Growth Enterprize Markets (GEM)

Hui WANG, Zongfang ZHOU, Heping PAN

Abstract


Growth Enterprize Markets (GEM) in China was established in October 30, 2009. The paper analyses the underpricing effects and IPO stock’s first month, first quarter return in GEM of China, researches nearly 150 listed company in GEM. Its finds weak reputation effects of finance intermediaries on IPO underpricing and periods returns. This shows the failure of information generation function and failure of certificate function of finance intermediaries in new emerging market in China.

Key Words: Growth enterprize market; Underpricing; Reputation of finance intermediaries; Information generation; Information certification


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