新葡萄娱乐场网站黄勇副教授与晏超博士合作论文在国际知名期刊《Journal of Corporate Finance》正式发表

发布者:赵侃发布时间:2022-05-27浏览次数:10

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.

成果链接https://doi.org/10.1016/j.jcorpfin.2021.101901


作者简介:黄勇,中南财经政法大学新葡萄娱乐场网站副教授、硕士生导师留学生导师组组长

晏超(通讯作者):中南财经政法大学新葡萄娱乐场网站讲师、硕士生导师会计系副主任

陈锦全:美国西肯塔基大学商学院/中南财经政法大学新葡萄娱乐场网站教授。


期刊简介:Journal of Corporate Finance》是Elsevier发行专门刊登公司财务领域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4.249FINANCEACCOUNTING领域SSCI一区期刊ABS四星权威期刊