金融研究院AFR Seminar NO.110
136 主 题： Pre-IPO Hype by Affiliated Analysts: Motives and Consequences
主 讲人： Yiming Qian 副教授 爱荷华大学
时 间： 6月6日（周三）上午10:00-11：30
地 点： 浙大玉泉校区外经贸楼236室
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Abstract：
There have been debates on the pros and cons of the recent US regulatory changes about pre-IPO analyst coverage and involvement in the IPO process. We contribute to this debate by examining underwriter-affiliated analyst coverage prior to IPOs using data from China. We document that affiliated analysts make highly overoptimistic forecasts about IPO clients. More optimistic forecasts are associated with poorer post-IPO stock performance. IPO investors are insensitive to the analyst hype since the offer price is set sufficiently lower than short-term postmarket prices. More aggressive hype helps an underwriter to gain more investment banking business in the future.
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演讲人简介：
Yiming Qian is Associate Professor of Finance at the University of Iowa. She holds a PhD from New York University’s Stern School of Business, and has taught at Iowa since graduation. She currently serves as Associate Editor at the Asia-Pacific Journal of Financial Studies and a board member of Midwest Finance Association. Yiming is widely published in leading finance journals including the Journal of Financial Economics, Journal of Financial and Quantitative Analysis, the Review of Financial Studies, and Management Science, among others. Her research focuses on varying topics in corporate finance, including initial public offerings, mergers and acquisitions, behavioral finance, and emerging markets.
浙江大学金融研究院
AFR金融科学与工程联合研究中心
2018年5月30日
