6月14日会计系列学术报告之六十八
时间：2011年6月14日下午13：30
地点：史带楼603室
Topic：Political connection of financial intermediaries: Evidence from China IPO market
Speaker：Dr. Yuyan Guan Assistant Professor, City University of Hong Kong
Abstract：
Using a sample of Chinese investment banks, we find that politically connected underwriters experience superior growth in market share of the IPO underwriting businesses. Further analyses suggest that the political capital of underwriters can increase the likelihood of clients’ IPO applications being approved by the regulators. We further show that politically connected underwriters receive premium underwriting fees, which is both statistically and economically significant. Moreover, consistent with the rent seeking argument, we find that minority shareholders’ interests may be impaired as indicated by the inferior post-IPO performance for listed firms underwritten by politically connected investment banks.
会计学系
2011年6月10日
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