An Analysis on Factors Affecting Investment Banks' Market Share Changes in Chinese IPO Market

This paper examines several factors affecting investment bank's market share in IPO area. These factors are: first-day return, long-run performance, underwrit ing charge and industry specialization. We also compare our result with the rese arch in American market, and find that the effect of these factors on market sha re in Chinese market is just opposite to American market. Our result reflects so me faults of Chinese market mechanism.