成果名称：《Does aggressiveness help? Evidence from IPO corruption and pricing in China》
成果摘要：Using a unique database of Chinese firms bribing initial public offering (IPO) regulators, we examine the impact of bribing on IPO pricing. Our findings suggest that bribing firms are younger, smaller, more volatile in their operating activities, and more generous in compensating underwriters and management. Most important, bribing firms price their IPO shares more aggressively than non-bribing firms and exhibit a higher price-to-earnings ratio, lower first-day return, and poorer post-IPO stock performance. Additional analyses suggest that both bribing and non-bribing firms exhibit negative announcement returns after the arrest of corrupt officials. However, the effect is stronger for bribing firms. Overall, bribing firms are systematically more aggressive than their non-bribing counterparts. They concede less to IPO investors and reward underwriters and management for helping them access the capital market.
期刊简介：《Journal of Corporate Finance》是Elsevier发行的专门刊登公司财务领域的国际知名期刊，议题包括财务结构、治理、分配、产品市场、劳动、创新、风险管理、财务契约和国际财务等研究。期刊影响因子4.249，FINANCE和ACCOUNTING领域SSCI一区期刊，ABS四星权威期刊。