【工商管理】政治家的家乡偏好对资源配置的影响
讲座内容简介
Using the setting of Chinese initial public offering (IPO) regulation and a difference-in-difference design, we find that IPO firms headquartered in the hometown province of the incumbent chairman of the China Securities Regulatory Commission (CSRC) are 14.87% more likely to receive IPO approval. We also find the chairman’s hometown favoritism is principally motivated by social preferences arising from birthplace identity rather than by political motive or by rent seeking. Further, this favoritism is stronger for IPO applicants who have no IPO approval committee connections, no political connections, no state ownership, and lower earnings quality. Finally, hometown-connected IPO firms tend to experience higher IPO underpricing and lower post-IPO stock returns and accounting performance, which suggests that this hometown favoritism distorts resource allocation in an emerging market.
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