Regulatory Issuing Costs and IPO Gross Spreads

UNIVERSITY OF TECHNOLOGY SYDNEY
Finance Department
Research Seminars in Finance

xianming zhou

Topic: Regulatory Issuing Costs and IPO Gross Spreads

Speaker: Xianming Zhou, Australian National University

Date: Wednesday, 19th October 2022

Time: 12-1 pm (Australian Eastern Daylight Time)

Venue: On campus | Face to face seminar in room CB08.08.002, Building 8, University of Technology Sydney, Australia (Map of campus) 

Abstract: By using a sample of Chinese IPOs in a period with significant market reform and regulatory changes, we examine the determination of gross spreads by focusing on the role of government regulations regarding underwriting services. We document an unusually strong regulatory impact, which presents a total increase in gross spreads of three percentage points over the 20-year period from 2001 to 2020. Our findings are consistent with the notion of regulation-imposed costs of underwriting business: By frequently increasing requirements for information disclosure and underwriter responsibility, IPO market regulations in China have made underwriting services increasingly demanding and costly.

Moderator: Danny Yeung, University of Technology Sydney

Seminar protocols:

  • The seminar will run for 45 minutes, followed by a 15 minute Q&A session
  • There will be a moderator for each seminar event, who will facilitate communication and resolve any issues
  • Participants can raise their hand to ask questions during the presentation. The moderator will then alert the speaker at the appropriate time and either ask the questions raised or they can ask the question directly to the presenter

You can also keep up-to-date on information about our seminar series by following our LinkedIn page.

Seminar Series Co-ordinator: Kenny Phua

Enquiries: Duncan Ford

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UTS acknowledges the Gadigal people of the Eora Nation, the Boorooberongal people of the Dharug Nation, the Bidiagal people and the Gamaygal people, upon whose ancestral lands our university stands. We would also like to pay respect to the Elders both past and present, acknowledging them as the traditional custodians of knowledge for these lands.