中国证券市场IPOs长期弱势问题实证研究.docVIP

中国证券市场IPOs长期弱势问题的实证研究 徐 奇 沈 泓 （mg0402073，mg0402066） Abstracts：This paper performs an empirical analysis on IPOSSE A-share market in two periods. We use both BHAR and CAR methods to get the details of the long-run performance of IPOs, finding out the long-term average return of IPOs is much less than the one of the other stocks. However, we also find that the characters of underperformance of the two periods are different from each other. Based on the data analysis，we the main factors that can affect the long-run performance of IPOs in our country. Besides the behavior of corporations and inv