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《Accounting Research》 2019-05
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Administrative Punishment on IPO Underwriters’ Violations

Yi Yang;  
It is a crucial issue of securities regulation theory and practice to improve regulation of securities institutions and avoid securities fraud.Using IPO underwriters credit supervision data by China Securities Regulatory Commission for the period 2004-2015,we analyze the economic consequences of administrative punishment on the sponsor level.We find that relative to other sponsors,after punishment,violating sponsor undertakes less IPO projects,gets smaller size of the IPO projects,gets lower issuing fees.Meanwhile,violating sponsor improves the quality of undertaking IPO projects after punishment.These results indicate that administrative punishments not only effectively punish the violations,but also prompt sponsors to improve ability to practice significantly.Our results have confirmed the effectiveness of administrative punishment.Also,this paper would be useful for further improving financial regulatory enforcement and related systems.
【Fund】: 国家自然科学基金(71702151、71572206、71790603);; 中央高校基本科研业务费(JBK1902018)的资助
【CateGory Index】: F832.51
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