会计学院第94期学术沙龙

Uncertainty, Price Clustering and Wealth Implications

– Evidence from The Primary Market

报告人：倪晨凯副教授（复旦大学管理学院）

主持人：金 智副教授（西南财经大学会计学院）

时间：2017年6月9日（周五），15:30~17:00

地点：西南财经大学柳林校区通博楼D208教室

主办：西南财经大学会计学院，科研处

报告人简介：倪晨凯，复旦大学管理学院会计系副教授，北京大学工程结构分析学士，新加坡国立大学会计系博士，主要研究信息有效性和公司所得税，最近的一些学术论文发表在《Journal of Financial and Quantitative Analysis》；《Journal of Business, Finance and Accounting》和《European Accounting Review》等刊物。

内容简介：Using granular data on institutional investors‟ bidding prices during the initial publicofferings (IPOs) in China, we document a disproportionately large fraction of biddingprices in integer numbers. IPO firms with a higher degree of uncertainty exhibit agreater percentage of integer bidding prices from institutions. Further, the historicalprevalence of IPO underpricing likely induces investors to have priors of positivereturn immediately after an IPO event and adjust bidding prices up when rounding tothe integer price. Such a preference results in relatively higher bidding prices and theensuing offering prices. Consequently, both short-term and long-term post-IPO returnsbecome lower for firms with a greater fraction of integer bidding prices. We concludethat an “information equilibrium” view plausibly explains our observedprice-clustering phenomenon, and more importantly, price-clustering induces wealthtransfer among participants in the primary market.