IPO承销商托市行为及其研究方法

新股的高初始收益率一直是IPO(首次公开发行)研究领域的一个热点问题。20世纪80年代至90年代早期,学术界都是从发行价偏低(即IPO抑价发行)来解释这一异常现象的,但是自从Ruud提出承销商托市的观点后,学者们便开始从上市后的首日价格过高方面展开研究。文章对承销商托市的具体行为,其与新股折价发行的关系以及托市动机进行了阐述,并探讨了分别基于托市交易数据和后市异常现象的承销商托市行为的研究方法。

IPO Underwriters' Stabilization and Applied Research Methods

The high initial rate of return of new issues is always a hot issue in the IPO field. From the 1980s to the early 1990s all the researchers tried to explain this abnormal phenomenon by means of the low offer price (i.e., IPO underpricing) theory. After Ruud pointed out the view of underwriters' stabilization, many scholars began to research according to the theory of first-day high market price after offering. This article describes the concrete behavior and motives of stabilization, its relationship with the underpricing of new issues, and probes into the detailed test methods of stabilization based on actual transaction data of stabilization and aftermarket abnormal phenomena.