中文课程简介

由于首次公开募股标志着企业首次制作和传播公司信息的事件，因此该市场的股票定价效率不断受到质疑，审查和辩论。在这个简短的课程中，我们将讨论IPO市场中相关信息如何产生的关键问题，以及销售机制和金融中介如何影响IPO的定价效率。

该课程由三部分组成。首先，它概述了有关IPO定价，分配，估值和长期表现不佳的理论和实证证据。其次，该课程讨论了IPO定价机制以及金融中介机构（承销商，分析师和风险资本家）在IPO市场中的作用。第三，课程讨论了IPO周期，新上市公司的公司治理以及最近的IPO市场问题。

英文课程简介

As an IPO marks the corporate event in which firm information is produced and disseminated for the first time, the efficiency of share pricing in this market is constantly questioned, scrutinized, and debated. In this short course, we cover the critical issues of how relevant information is generated in the IPO market and how selling mechanism and financial intermediaries can affect pricing efficiency of IPOs.

The course consists of three parts. First, it provides overview on theories and empirical evidence on IPO pricing, allocation, valuation and long-run underperformance. Second, the course discusses the IPO pricing mechanisms and the role of financial intermediaries (underwriters, analysts and venture capitalists) in the IPO market. Third, the course ends with a discussion on IPO cycles, corporate governance of newly public firms, and recent issues of IPO market.