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An Empirical Study of A-share Stock Market's Initial Returns with No Limitation of IPO/s P/E Ratio

Song Fengming  
The initial returns of 95 initial public offerings (IPO s)are studied in this paper.These stocks were listed after the limitation of IPO′s P/E ratio had been abolished.We find no significant difference among their P/E ratios when they were issued.Almost all the factors that affect the level fo the initial return come from the secondary market,including the market price level the mean industry P/E ratio,and so forth.The average initial return is very high,but the actural return of the subscribers is much lower than the nominal level due to the low hit rate.The investors of the primary market are separated from that of the secondary market in a degree.The winners of the subscribers are very willing to sell the new issues as soon as they are listed.
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