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The present paper investigates the IPO first day return and post ...

The present paper investigates the IPO first day return and post ...

The present paper investigates the IPO first day return and post

Social capital, informal governance and post-IPO firm performance: A Study of Chinese Entrepreneurial Firms By Jerry X Cao Singapore Management University Yuan Ding* China Europe International Business School (CEIBS) and Hua Zhang China Europe International Business School (CEIBS) Version: June28, 2012. Please do not cite or quote without permission - Comments welcome. *Address for correspondence: Yuan Ding, (dyuan@ceibs.edu). The authors would like to thank the participants at European Accounting Association Annual Meeting (Ljubljana, Slovenia, May 2012) and the 2012 Asian Finance Association (AsianFA) Annual Meeting (Taipei, July 2012) for their helpful comments and advice. The authors acknowledge financial support from the CEIBS Research Fund. Yuan Ding gratefully acknowledges the generous support of Jiangsu Jinsheng Industry Co. Ltd. The research assistance of Yvonne Yuan, Sophie Xiao and Yuanyan Song is greatly appreciated. 1

IPOs as Lotteries: Expected Skewness and First-Day Returns