Dissertation > Excellent graduate degree dissertation topics show

The Analysis of the Underpricing of Initial Public Offerings by the Game Theory

Author: YanZuoZuo
Tutor: HuZhiQiang
School: Wuhan University
Course: Finance
Keywords: Initial Public Offering Underpricing Game Information asymmetry
CLC: F224.32
Type: Master's thesis
Year: 2005
Downloads: 294
Quote: 1
Read: Download Dissertation

Abstract


Research associated with the initial public offering (IPO) underpricing of IPO short-term has been a hot spot. Despite the endless theory on the IPO discount, but the asymmetry of information are still the majority of financial and financial scholars believe the securities market mainly due to the widespread occurrence of the phenomenon of IPO discount. According to outside investors, the information asymmetry between issuers and underwriters different emphases, there has been about moral hazard, adverse selection, signaling a series of theories to explain the IPO discount. In addition, the introduction of behavioral finance has greatly enriched the IPO and IPO discount. China's emerging securities market needs the mature Western theory and experience to guide, but at the same time can not be divorced from the actual environment. Continue to explore the source of the IPO discount, to explore IPO pricing and allocation of an effective mechanism to improve market efficiency, the significance of financial and financial scholars IPO research. This paper follows the asymmetric information some point in the interpretation of the IPO underpricing, and from the perspective of game theory to explain the strategic choice in the IPO process, the various actors, and finally reach equilibrium. The listing of the new shares in the secondary market involves four main: listed companies, intermediaries, investors and government. Each principal has a different objective function and game strategy. In the IPO process, each subject should be made to make own utility maximization strategy. This paper analyzes the impact between underwriters and investors, government and intermediary organizations, the government and investors, the strategy choices in the course of the game, as well as the strategy of choice of IPO underpricing. In addition, the model on the basis of other information asymmetry built, the paper uses cooperative game analysis of the relationship between the investors, underwriters and issuing company presents an underwriter and distribution company in the IPO process bargaining process reflects the causes of underpricing, pointed out that the degree of underpricing depends on the bargaining power of the entire IPO market issue relative to the underwriters, and also pointed out that in the distribution of benefits, IPO underpricing is not from the old equity holders to new equity holders of the transfer of wealth, but rather a reflection of the allocated directly in the old and the new equity holders of the company's remaining equity growth. Also pointed out that, in this model inside the game participating parties to reach the final only a distribution lies in the fairness of the distribution. Further, in this model also gives an optimal matching of the proof. However, due to the particularity of the Chinese securities market, the system's flaws and imperfections, excessive intervention of the government in the operation of the market and regulatory ineffective, making this model by excessive intervention to reach an equilibrium. This article has not yet been to do a more in-depth study on this point.

Related Dissertations

  1. The Relationships between Social Skill and Emotion Regulation in Undergradurate of Internet Game Addiction,B842.6
  2. Research on the Revenue Distribution of PPP Mode about High-speed Railway Project,F283
  3. Sensation Seeking and Event-related Potentials CNV (Contingent Negative Variation) Study in Adolescents with Internet Game Addiction,R749.99
  4. Government harmony handle mass incidents Game Analysis,D630
  5. G District, Dalian City Emergency Handling Group Events,D631.4
  6. Research on Contracts Design of Call Center Outsourcing Based on Effort Level as Uncontractible Factor,F224.32
  7. Research on the Marshalling-scheduling Model and Algorithms of Freight Trains Based on Game Theory,O225
  8. Construction and Application of the Game Model Based on VMI for H Company,F253.4
  9. The issue of information sharing between the manufacturer of the same level in the supply chain environment,F406;F224.32
  10. Research on Incentive System of the Circular Agriculture Development,F323.22
  11. The Study of the Collaboration Mechanism of Enterprise Groups Based on the Manufacturing Grid,F272
  12. Three-dimensional virtual Rubik's Cube game software design and implementation,TP393.09
  13. The other game platform scalability and consistency of shape like,TP393.09
  14. Things environment operators and system integrators cooperation model study,F224.32
  15. Research and Implementation of Adventure Game Based on UNREAL DEVELOPMENT KIT,TP393.09
  16. Construction of the localities of CDM Investment and Financing,X38
  17. Chinese chess game tree search algorithm research and implementation,TP391.3
  18. Based on revenue sharing contract VMI Supply Chain Coordination,F274
  19. SME participation in the main core of the collection annuity plan Game Study,F276.3;F224.32
  20. Research on Chinese Automobile Recall System,F426.471
  21. State Game and Legislation in the International Climate Cooperation,D996.9

CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods > Operations Research in the economy > Game Theory
© 2012 www.DissertationTopic.Net  Mobile