SSRN-Initial Day Return and Underpricing Cost in Advance Payment Initial Public Offerings by Joseph Fung, Sanry Che

SSRN-Initial Day Return and Underpricing Cost in Advance Payment Initial Public Offerings by Joseph Fung, Sanry Che:

IPO underpricing has been looked at in almost every way.  And yet there always seems to be another angle.  In this paper Fang and Che look at IPOs in Hong Kong where, unlike in the US, IPOs are paid for in advance. 

Some look-ins:

"The Hong Kong IPO market was ranked second