【本期主题】The Role of Long-term Investor-underwriter Relationship in Auctioned IPOs

Using a unique hand collected bidding dataset of IPOs in China, we investigate the role of the long-term investor-underwriter relationship in auctioned IPOs. We find that long-term investor-underwriter relationship can help improve the efficiency of auction as the mechanism for IPOs as follows. First, the long-term investor-underwriter relationship can improve the investors’ participation in IPOs thus helps reduce the participation uncertainty. Second, it can help mitigate the free riding problem which is common to nondiscriminatory auction practices. Our further analysis does not support possible collusion between investors and underwriter. We identify one possible benefit of forming the long-term investor-underwriter relationship, that is, as a bidder, the underwriter is more likely to participate in the IPOs underwritten by his long-term investors.

【报告人】江萍 经贸大学国际经济贸易学院副教授、院长助理

【时 间】03月13日 上午10:00

【地 点】明德主楼0509室

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报告人简介：

江萍，对外经济贸易大学国际经济贸易学院金融学系副教授、院长助理，研究领域为公司治理、公司财务、私募股权。迄今已在国内外顶级期刊Review of Financial Studies, Financial Management，Journal of Accounting and Public Policy，European Financial Management， China Economic Review，金融研究等期刊发表多篇论文。

中国人民大学金融高端论坛组委会

商学院财务与金融系

财政金融学院应用金融系

汉青经济金融高级研究院金融系