Graduation Year

2025

Date of Submission

4-2025

Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts

Department

Economics

Reader 1

Richard C.K. Burdekin

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© 2025 Fukang Yin

Abstract

This thesis examines the relationship between four macroeconomic factors (stock market returns, short-term interest rates, industrial production growth, and investor sentiment) and monthly IPO proceeds in the United States and China. Using monthly data from 2000 to 2024 for the US and from 2004 to 2024 for China, the study also segments the data into periods before and after 2010 to capture changes after the global financial crisis. Sector-level analysis is also conducted to explore sectoral differences in responding to macroeconomic conditions. The finding shows that in the US, stock returns consistently drive IPO proceeds positively, while interest rates have a significant negative impact, especially after 2010. Industrial production growth and investor sentiment show limited effects. In China, macroeconomic variables do not show consistent significance overall, with only a few sector-specific effects observed before 2010.

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