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http://hdl.handle.net/10071/19130
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Title: Evidence on the effect of Claw-Back provisions on IPO share allocation and underpricing in Hong Kong
Authors: Vong, A. P. I.
Trigueiros, D.
Keywords: Initial public offerings
Share allocation
Ex-ante uncertainty
Subscription rate
Underwriters’ reputation
Issue Date: 2017
Publisher: Taylor and Francis
Abstract: The article examines share allocation practices of over 300 initial public offerings (IPOs) in Hong Kong during the years immediately following the enacting of a ‘Claw-Back’ provision for IPO share reallocation. The examination of exhaustive micro-level data reveals that small (uninformed, retail) investors earn higher initial returns than large investors. Before the enacting of the ‘Claw-Back’ provision, small investors were unfavourably treated in relation to large investors. The pattern now prevailing in the proportion of shares allocated to small and large investors also differs from that observed previously. When attempting to isolate the determinants of IPO underpricing in Hong Kong, the article also shows that both the ‘informed demand’ hypothesis and the signalling effect of underwriters’ reputation are significant determinants of underpricing. Such result, not visible when pooled OLS regressions are used, becomes apparent through the use of a system of simultaneous equations.
Peer reviewed: yes
URI: http://hdl.handle.net/10071/19130
DOI: 10.1080/00036846.2017.1302067
ISSN: 0003-6846
Ciência-IUL: https://ciencia.iscte-iul.pt/id/ci-pub-34135
Accession number: WOS:000407200700005
Appears in Collections:ISTAR-RI - Artigos em revistas científicas internacionais com arbitragem científica

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