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Cross country analysis and international capital markets

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TitleInfo
Title
Cross country analysis and international capital markets
Name (type = personal)
NamePart (type = family)
Du
NamePart (type = given)
Jingyi
NamePart (type = date)
1989
DisplayForm
Jingyi Du
Role
RoleTerm (authority = RULIB)
author
Name (type = personal)
NamePart (type = family)
Sarath
NamePart (type = given)
Bharat
DisplayForm
Bharat Sarath
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
chair
Name (type = corporate)
NamePart
Rutgers University
Role
RoleTerm (authority = RULIB)
degree grantor
Name (type = corporate)
NamePart
Graduate School - Newark
Role
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school
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theses
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DateCreated (encoding = w3cdtf); (qualifier = exact)
2018
DateOther (encoding = w3cdtf); (qualifier = exact); (type = degree)
2018-05
Language
LanguageTerm (authority = ISO 639-3:2007); (type = text)
English
Abstract (type = abstract)
My dissertation comprises of two essays: 1) IPO underpricing, evidence from international listing in US market and 2) The impact of auditing and voluntary information verification on default rate: evidence from small private business.
The first essay compares patterns of initial public offering (IPO) underpricing and trading across United States and Chinese firms going public in the US market. The IPO process is complex and involves diverse economic issues such as the quality of publicly available information and the role of intermediaries. Information asymmetry and uncertainty regarding the market demand for the IPO affect the offer price as well as the number of shares offered to the public. The relationship between the offer price and the aftermarket price (end-of-first-day price), commonly referred to as "IPO underpricing," involves the interaction of all these economic factors. The first goal of my study is to examine the differential effects of information asymmetry and uncertainty of demand on IPO underpricing across Chinese and US firms. I find that there are significant differences in the estimation of demand as well as the level of underpricing across US and Chinese IPOs. I also examine whether intermediaries try to offer better terms to Chinese firms in order to increase their market share of Chinese business. I find no results to support this hypothesis, that is, the explicit costs of conducting an IPO does not differ across Chinese and US firms I conclude that the underwriters are more interested in building a market for their Chinese products to US investors by underpricing the issue and making it more attractive.
The second essay examines whether audited financial information can improve the efficiency of small business financing as effectively as it helps capital allocations to public firms. Using an exclusive dataset from a private bank in China, I find that audited financial statements, customer loyalty and local knowledge of the business are significantly correlated with bank loan repayment by small businesses in China. A closer examination leads to less expected results. I find that Chinese audits do not generate any new information but act rather as a screening mechanism with regard to clients. In addition, larger groups seem to be less effective at helping each other suggesting that a free rider problem becomes a significant issue even in groups consisting of five members.
Subject (authority = RUETD)
Topic
Business and Science
Subject (authority = LCSH)
Topic
Capital investments -- United States
Subject (authority = LCSH)
Topic
Capital investments -- China
Subject (authority = LCSH)
Topic
Small business -- Auditing
RelatedItem (type = host)
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Title
Rutgers University Electronic Theses and Dissertations
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ETD_8991
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Extent
1 online resource (viii, 122 pages) : illustrations
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
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Title
Graduate School - Newark Electronic Theses and Dissertations
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rucore10002600001
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Identifier (type = doi)
doi:10.7282/t3-nfnk-p942
Genre (authority = ExL-Esploro)
ETD doctoral
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The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Du
GivenName
Jingyi
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2018-05-01 01:26:47
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Name
Jingyi Du
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - Newark
AssociatedObject
Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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2018-05-07T19:18:29
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