文献类型：期刊文献

英文题名：IPO market cycles and expansion curse: Evidence from Chinese IPO market

作者：Jin, Yonghong[1];Guo, Jianbang[1];Zhou, Xiaozhou[1];Li, Sai-Ping[2]

机构：[1]East China Univ Sci & Technol, Sch Business, Dept Finance, Shanghai 200237, Peoples R China;[2]Acad Sinica, Inst Phys, Taipei 11529, Taiwan

年份：2016

卷号：45

起止页码：S46

外文期刊名：INVESTMENT ANALYSTS JOURNAL

收录：;WOS:【SSCI(收录号:WOS:000388587100004)】；

基金：This work was supported by the Shanghai Philosophy and Social Science Foundation [2014BJB005] and the Fundamental Research Funds for the Central Universities by the Ministry of Education of China and liberal arts foster fund of East China University of Science and Technology [222201422030].

语种：英文

外文关键词：IPO market cycles; expansion curse; stock index; IPO financing amount

摘要：There are two theories on the relationship between primary and secondary markets for securities. The first states that the expansion of IPO financing leads to a decline in stock prices, i.e. an expansion curse effect. The other states that the stock index cycle leads to a corresponding periodic change in the amount of IPO financing, i.e. the IPO market cycle theory. This paper studies the relationship between the security issuing market and the trading market in China. On the aspect of the impact of the primary market on the secondary market, an expansion curse exists in bear markets but is not significant in bull markets. On the aspect of the impact of the secondary market on the primary market, such impact exists in bull markets but is not significant in bear markets. The results provide an explanation for phenomena such as short bull markets and long bear markets', and excessive price fluctuations in Chinese security markets.