内部人自利行为与职工股上市的市场效应
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财经研究 2006 年 第 32 卷第 07 期, 页码：110 - 118
摘要
参考文献
摘要
文章利用中国职工股上市的数据对上市公司内部人在其股份上市交易中的自利行为及其市场影响进行了研究。结果发现,因为存在承销商支持,公司职工股公司上市后短期表现强势;内部职工股公司未发现承销商支持的证据,但是倾向于通过盈余管理和送股除权等方式对二级市场股价进行支持。不同的上市时间安排是造成两类职工股公司自利行为差异的主要因素。
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[2]刘俏,陆洲.公司资源的“隧道效应”———来自中国上市公司的证据[J].经济学(季刊),2004,(1):437~456.
[3]Aggarwal R.Stabilization activities by underwriters after initial public offerings[J].Journal of Finance.2000,55:1075~1104.
[4]Aggarwal R,L Krigman,K Womack.Strategic IPO underpricing,information momentum,andlockup expiration selling[J].Journal of Financial Economics,2002,66:105~137.
[5]Brav A,P Gompers.The role of lock-ups in initial public offerings[J].Review of Finan-cial Studies,2003,16:1~29.
[6]Elitzur R R,V Yaari.Executive incentive compensation and earnings manipulation in amulti-period setting[J].Journal of Economic Behavior and Organization,1995,26:201~219.
[7]Ritter J R,I Welch.A review of IPO activity,pricing,and allocations[J].Journal of Fi-nance,2002,57:1795~1828.
[8]Scholes M.The market for securities:Substitution versus price pressure and the effectsof information on share prices[J].Journal of Business,1972,45:179~211.
[9]Shleifer A.Do demand curves for stocks slope down[J].Journal of Finance,1986,41:579~590.
[10]Teoh S H,I Welch,T J Wong.Earnings management and the long-run market perform-ance of initial public offerings[J].Journal of Finance,1998,53:1935~1974.
引用本文
王茂斌. 内部人自利行为与职工股上市的市场效应[J]. 财经研究, 2006, 32(7): 110–118.
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