- "Analysis into IPO Underpricing and Clustering in Hong Kong Equity Market", CRIEFF Discussion Paper, No. 0716, University of St Andrews. Download.


This paper focuses on the time series properties of the level of underpricing of IPO shares and volume of initial selling in Hong Kong equity market. Strong autocorrelation among the level of underpricing has been identified. Evidence suggests that the initial selling volume plays an important role in the relationship. The links between underpricing and clustering of IPOs within different industries are weak, suggesting the reasons for underpricing are rather related to the market liquidity than industry specific risk characteristics.

- "The Nature of Underwriter Network in IPOs: A Layered Structure", Working Paper. Download.


In repeated IPOs, underwriters build standing and accumulate knowledge on their underwriting services. One of great advantages of the top ranked underwriters is their relationship networks with other underwriters and institutional investors. The paper performs a careful examination of the underwriter syndicate and investigates the relationship of the structure of the syndicate in respect of IPO performance. In addition, the pattern of the distribution in the size of syndicates is identified as random graph and significantly related to the IPO performance. This paper shows that the perspective from underwriter syndicate is not only interesting, also necessary to understand underwriting business, IPO puzzles and performance.