High-speed railway and IPO underpricing

Published: 22 July 2019| Version 1 | DOI: 10.17632/k3nk84s7vp.1
yun hong,


The HSR data including the station, line and the scheduled trip information are collected from the Chinese Research Data Services Platform, and manually checked in the reports from the China Department of Transportation as Dong (2018). The financial data for the IPO firms is obtained from the WIND database, and the prefecture-level socioeconomic data are drawn from the China City Statistical Yearbooks from 1990 to 2018. Our sample period spans from 1991 to 2018, where 1991 is the establishment time of China’s stock market.



Initial Public Offering, Capital Market Development, Information