Social Capital,Law Protection of Minority Investors and IPO Underpricing;

Empirical Analysis on the Relationships between the Reputation of Investment Banks and IPO Underpricing:Based on Chinese Stock Market;

Empirical research into IPO underpricing in the entire circulation age;

Research on Chinese Securities Market Institutions and IPO Under-pricing;

The problem of IPO under-pricing exists in global new stock markets universally.

By taking the stock samples of full circulation IPO from both Shanghai and Shenzhen Stock Market, using the heteroscedasticity and autocorrelation consistent covariances developed by Newey and West, this paper makes an empirical study of the IPO under-pricing after the full circulation in China.

It is no exception that IPO underpricing is a widespread phenomenon in the stock market of China.

This paper starts with a positive analysis of the underwriting reputation,one of the key factors of influence upon IPO underpricing, drawing on large samples from 1230 IPOs issued between 1990 and 2005 on Chinese stock market,and making use of a new methodology that caters to the Chinese context.

Domestic and foreign researchers usually use the degree of IPO underpricing and the comparison with mature market to measure the rationality of IPO pricing.