學(xué)術(shù)信息
學(xué)術(shù)講座：A Novel Channel for Rent-seeking in IPOs
日期：2017-04-25 | 訪問量：
學(xué)術(shù)講座：A Novel Channel for Rent-seeking in IPOs
學(xué)術(shù)講座：A Novel Channel for Rent-seeking in IPOs 講座題目：A Novel Channel for Rent-seeking in IPOs 時間：2017年4月26日 18:30-20:00 講座地點(diǎn)：博學(xué)樓925 講座內(nèi)容：In sharp contrast to the conventional wisdom that underwriters rely only on share allocation discretion when engaging in rent-seeking behavior in IPO book buildings (Ritter 2011), we find (for the first time in the literature) that in IPO auction without allocation discretion, rent-seeking still occurs. However, the rent-seeking occurs in a novel channel. Specifically, underwriters intentionally leak private information about IPO auction bidding and offer price setting to their main customers, especially valuable mutual fund customers who contribute high brokerage commission fees to underwriters’ affiliated brokerage firms. Using the unique and comprehensive proprietary account-level databases of mutual funds (their contribution of trading commission fees to individual brokerage firms and their IPO auction bidding, allocation records in China), we find these valuable mutual funds submit orders much later in the IPO auction, bid more shares at a more accurate price, bid with less price dispersion, and win higher shares allocation. Underwriters will intentionally set a relatively lower offer price to guarantee their valuable mutual funds be qualified and allocated. The above phenomenon is stronger when the contributed commission fees are greater. These results hold after controlling for potential endogeneity. The rent-seeking behavior is prominent under pro-rata allocation system due to its less uncertainty in shares allocation. To maintain such a rent-seeking process, mutual funds subsequently contribute more trading commission fees to underwriters’ affiliated brokerage firms. The results reveal a novel channel for rent-seeking behavior in IPOs that has not previously been explored in the literature. 主講人簡介：劉波，教授，首屆中美富布賴特（Fulbright）項(xiàng)目聯(lián)合培養(yǎng)金融學(xué)博士，哥倫比亞大學(xué)商學(xué)院訪問學(xué)者，電子科技大學(xué)國際MBA中心主任，主要研究方向包括IPO、另類投資（對沖基金/私募股權(quán)/風(fēng)險投資）、量化投資與程序化交易、做空機(jī)制與策略、企業(yè)創(chuàng)新與動態(tài)投融資等，在European Journal of Finance、European Financial Management、International Review of Economics and Finance、Economics Letters、Finance Research Letters、China Economic Review、North American Journal of Economics and Finance、《經(jīng)濟(jì)研究》等國際國內(nèi)權(quán)威學(xué)術(shù)期刊和AFA、FMA、CICF等國際重要學(xué)術(shù)會議發(fā)表論文40余篇，出版學(xué)術(shù)專著兩部，主持多項(xiàng)國家級和省部級科研項(xiàng)目，曾獲四川省科技進(jìn)步獎、中國青少年科技創(chuàng)新獎、“挑戰(zhàn)杯”特等獎、中國金融學(xué)年會優(yōu)秀論文“一等獎”、China Finance Review International Conference最佳論文獎、金融系統(tǒng)工程與風(fēng)險管理國際年會優(yōu)秀論文獎、四川省哲學(xué)社會科學(xué)優(yōu)秀成果獎、四川省教育廳哲學(xué)社會科學(xué)科研成果獎、四川省數(shù)量經(jīng)濟(jì)學(xué)會優(yōu)秀科研成果獎等獎項(xiàng)。