Based on the background of Chinese distribution market,this paper researches the IPO underpricing phenomenon in Chinese IPO market from the perspective of underwriters'reputation.This paper builds an IPO underpricing model which consider for the underwriter's reputation,which indicates that the more reputable underwriters is the more IPO underpriced.In order to verify the conclusion of theoretical model,1126 IPO companies from June 19,2006 to October 11,2012 are selected as samples.The relationship between IPO underpricing and underwriters'reputation are tested.The empirical results are basically consistent with the theory model,which shows the underwriter reputation mechanism lose efficacy in Chinese market.
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