Abstract:
Existing literature has shown that underwriter reputation has a certification function, but there is always controversy about the empirical evidence that whether underwriter reputation can certify IPO firms or not.Different from the general use of ranking, market share or other indirect proxies, this paper examines the underwriter reputation damage from a new perspective by using IPO fraud of Chinese listed companies.The empirical evidence shows that: (a) Firms going public hiring underwriters with clients reporting IPO fraud exhibited higher underpricing levels and lower long-term returns compared to the firms that hired underwriters without IPO clients reporting fraud in the same period; (b) Firms hiring underwriters after their corporate clients were caught IPO fraud exhibited higher underpricing levels and lower long-term returns compared to the firms hiring the same underwriters before their clients reporting fraud.(c) To tackle potential endogeneity problem, we adopt a difference-in-differences approach and find that our baseline results are still hold.This paper is of great significance for the mechanism of underwriter reputation damage.
[1]白云霞、严梦莹和钟宁桦,2014,《保荐代表人变更与保荐制度的有效性——基于定向增发的实证研究》,《金融研究》第3期,第138~151页。 [2]陈工孟、俞欣和寇祥河,2011,《风险投资参与对中资企业首次公开发行折价的影响——不同证券市场的比较》,《经济研究》第5期,第74~85页。 [3]陈运森和宋顺林,2017,《美名胜过大财: 承销商声誉受损冲击的经济后果》,《经济学(季刊)》第1期,第431~448页。 [4]戴亦一、潘越和陈静,2014,《双重保荐声誉、社会诚信与IPO过会》,《金融研究》第6期,第146~161页。 [5]郭泓和赵震宇,2006,《承销商声誉对IPO公司定价、初始和长期回报影响实证研究》,《管理世界》第3期,第122~128页。 [6]黄春铃,2005,《证券监管效率和承销商声誉——基于南方证券“麦科特事件”的案例研究》,《管理世界》第7期,第129~138页。 [7]罗炜和饶品贵,2010,《盈余质量、制度环境与投行变更》,《管理世界》第3期,第140~149页。 [8]潘越、戴亦一和刘思超,2011,《我国承销商利用分析师报告托市了吗?》,《经济研究》第3期,第131~144页。 [9]邵新建、薛熠、江萍、赵映雪和郑文才,2013,《投资者情绪、承销商定价与IPO新股回报率》,《金融研究》第4期,第127~141页。 [10]伍利娜、郑晓博和岳衡,2010,《审计赔偿责任与投资者利益保护——审计保险假说在新兴资本市场上的检验》,《管理世界》第3期,第32~43页。 [11]徐浩萍和罗炜,2007,《投资银行声誉机制有效性——执业质量与市场份额双重视角的研究》,《经济研究》第2期,第124~136页。 [12]许荣、蒋庆欣和李星汉,2013,《信息不对称程度增加是否有助于投行声誉功能发挥?——基于中国创业板制度实施的证据》,《金融研究》第7期,第166-179页。 [13]杨记军和赵昌文,2006,《定价机制、承销方式与发行成本:来自中国IPO市场的证据》,《金融研究》第5期,第51~60页。 [14]余峰燕和梁琪,2017,《地方关系承销与市场定价有效性研究——基于承销商独立性视角》,《金融研究》第5期,第143~159页。 [15]俞红海、刘烨和李心丹,2013,《询价制度改革与中国股市IPO“三高”问题——基于网下机构投资者报价视角的研究》,《金融研究》第10期,第167~180页。 [16]朱红军、何贤杰、孙跃和吕伟,2008,《市场在关注审计师的职业声誉吗?——基于“科龙电器事件”的经验与启示》,《审计研究》第4期,第44~52页。 [17]张学勇和张叶青,2016,《风险投资、创新能力与公司IPO的市场表现》,《经济研究》第10期,第112~125页。 [18]Beatty, R.P.and J.R.Ritter, 1986, “Investment Banking, Reputation, and the Underpricing of Initial Public Offerings,”Journal of Financial Economics, 15(1-2), pp.213~232. [19]Beckman, J., J.Garner, B.Marshall and H.Okamura, 2001, “The Influence of Underwriter Reputation, Keiretsu Affiliation, and Financial Health on the Underpricing of Japanese IPOs,”Pacific-Basin Finance Journal, 9(5), pp.513~534. [20]Booth, J.R.and R.L.Smith, 1986, “Capital Raising, Underwriting and the Certification Hypothesis,”Journal of Financial Economics, 15(1-2), pp.261~281. [21]Carter, R.B., F.H.Dark and A.K.Singh, 1998, “Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks,”Journal of Finance, 53(1), pp.285~311. [22]Carter, R.and S.Manaster, 1990, “Initial Public Offerings and Underwriter Reputation,”Journal of Finance, 45(4), pp.1045~1067. [23]Chang, S.C., T.Y.Chung and W.C.Lin, 2014, “Underwriter Reputation, Earnings Management and the Long‐Run Performance of Initial Public Offerings,”Accounting and Finance, 50(1), pp.53~78. [24]Chemmanur, T.J.and P.Fulghieri, 1994, “Investment Bank Reputation, Information Production, and Financial Intermediation,”Journal of Finance, 49(1), pp.57~79. [25]Chua, A., 2014, “Market Conditions, Underwriter Reputation and First Day Return of IPOs,”Journal of Financial Markets, 19(1), pp.131~153. [26]Dong, M., J.S.Michel and J.A.Pandes, 2011, “Underwriter Quality and Long‐Run IPO Performance,”Financial Management, 40(1), pp.219~251. [27]Duarte-Silva, T., 2010, “The Market for Certification by External Parties: Evidence from Underwriting and Banking Relationships,”Journal of Financial Economics, 98(3), pp.568-582. [28]Fama, E.F.and K.R.French, 1993, “Common Risk Factors in the Returns On Stocks and Bonds,”Journal of Financial Economics, 33(1), pp.3-56. [29]Fama, E.F.and K.R.French, 1992, “The Cross-Section of Expected Stock Returns,”Journal of Finance, 47(2), pp.427-465. [30]Fang, L.H., 2005, “Investment Bank Reputation and the Price and Quality of Underwriting Services,”Journal of Finance, 60(6), pp.2729~2761. [31]Kerl, A.G.and A.Walter, 2008, “Never Judge a Book by its Cover: What Security Analysts Have to Say Beyond Recommendations,”Financial Markets & Portfolio Management, 22(4), pp.289~321. [32]Loughran, T.and J.Ritter, 2004, “Why Has IPO Underpricing Changed Over Time?”Financial Management, 33(3), pp.5~37. [33]Loureiro, G., 2010, “The Reputation of Underwriters: A Test of the Bonding Hypothesis,”Journal of Corporate Finance, 16(4), pp.516~532. [34]Megginson, W.L.and K.A.Weiss, 1991, “Venture Capitalist Certification in Initial Public Offerings,”Journal of Finance, 46(3), pp.879~903. [35]Michaely, R.and W.H.Shaw, 1994, “The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories,”Review of Financial Studies, 7(2), pp.279~319. [36]Migliorati, K.and S.Vismara, 2014, “Ranking Underwriters of European IPOs,”European Financial Management, 20(5), pp.891~925. [37]Su, C.and K.Bangassa, 2011, “Underpricing and Long-Run Performance of Chinese IPOs: The Role of Underwriter Reputation,”Financial Markets and Portfolio Management, 25(1), pp.53~74.
