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The inital public offering (IPO) aftermarket performance has received much attention inrecent years, and studies have mainly focused on two anomalies: initial underpricing andlong-term underperformance. This paper reviews the literature on IPO performance fromboth theoretical and empirical perspectives. Much attention has been given to the ChineseIPO market due to the severe initial underpricing and inconclusive long-term performance.This paper highlights some of the unique characteristics of Chinese IPOs. Based on theliterature, several explanations have been provided to explain the IPO phenomenon inChina.
The inital public offering (IPO) aftermarket performance has received more attention in every years, and studies have mainly focused on two anomalies: initial underpricing and long-term underperformance. This paper reviews the literature on IPO performance fromboth theoretical and empirical perspectives. Much attention has been given to the ChineseIPO market due to the severe initial underpricing and inconclusive long-term performance.This paper highlights some of the unique characteristics of Chinese IPOs.