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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
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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.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods > Operations Research in the economy > Game Theory
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