Does the Location of IPO-Firms Influence Analysts' IPO Pricing Prediction Accuracy?

›› 2017, Vol. 33 ›› Issue (10): 60-70.

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Does the Location of IPO-Firms Influence Analysts' IPO Pricing Prediction Accuracy?

ZHU Min¹, WANG Chuanjiang²

1.School of Business and Finance, Shanghai Normal University, Shanghai 200234, China
2.Public Management College, East China Normal University, Shanghai 200061, China

Received:2016-02-22 Online:2017-10-10 Published:2017-10-10

企业空间区位会影响分析师IPO定价预测的准确性吗？

朱敏¹, 汪传江²

上海师范大学商学院,上海 200234
华东师范大学公共管理学院,上海 200061

作者简介:朱敏(1978),男,上海市人,上海师范大学商学院副教授,博士
汪传江(1988),男,安徽桐城人,华东师范大学公共管理学院博士生
基金资助:
国家自然科学基金资助项目(71573178);上海市教委科研创新项目(12YS039);上海师范大学第七期重点建设学科城市经济学资助

Abstract

Abstract: Using the distance between the firm and the financial center and the distance between the firm and the analyst as the proxies of public information and private information, this paper examines how the information structure affects the accuracy of analysts' IPO pricing prediction. The empirical results show that the accuracy decreases when the financial center distance or the analyst distance increases. Furthermore, the effect of analyst distance on prediction accuracy is conditional on the financial center distance. The farther the firm is to the financial center, the stronger the effect of the analyst distance on the prediction accuracy.

Key words: IPO Pricing, Analyst Prediction, Geographic Distance, Information Asymmetry

摘要： 本文以企业与金融中心距离、企业与分析师距离分别作为公有信息和私有信息的代理变量,研究信息结构如何影响分析师IPO定价预测的准确性。实证结果揭示,分析师IPO定价预测准确性与“企业与分析师距离”和“企业与金融中心距离”负相关;其次,企业与金融中心距离对分析师IPO定价预测准确性的影响独立于企业与分析师距离,但企业与分析师距离对分析师IPO定价预测准确性的影响则以企业与金融中心距离为条件,随着企业与金融中心距离的增加而增强。

关键词: IPO定价, 分析师预测, 地理距离, 信息结构非对称

CLC Number:

F830.91

ZHU Min, WANG Chuanjiang. Does the Location of IPO-Firms Influence Analysts' IPO Pricing Prediction Accuracy?[J]. , 2017, 33(10): 60-70.

朱敏, 汪传江. 企业空间区位会影响分析师IPO定价预测的准确性吗？[J]. 财经论丛, 2017, 33(10): 60-70.

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Does the Location of IPO-Firms Influence Analysts' IPO Pricing Prediction Accuracy?

企业空间区位会影响分析师IPO定价预测的准确性吗？

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