An Empirical Study on the Phenomenon of "Partial Adjustment" of Chinese New Stocks Issued by Book-building Method

The process of making sure of the stock price issued by book-building method was analyzed,and then two multi-variable models for Chinese new issues by book-building method were built.On the basis of them,the study to the price behavior of new issues indicates that there are positive revision and partial adjustment phenomena in Chinese stock market.The study to these phenomena shows that there are evident price and quantity compensation in the issue process,and new book-building method implemented by China could attract informed-investors to open out their private information.