IPO Underpricing and Investor Sentiment: Evidence from China

摘要：

Based on the theory of behavior finance, this paper has constructed a measure system for investor sentiment which includes financial measures and survey measures, empirically examines the effect of investor sentiment on IPO underpricing using a large IPO dataset. We find that the investor sentiment has a more significant impact on IPO underpricing than asymmetrically distributed information and institutional background of Chinese security market; As a major finding of our paper, we also show that financial measures play better than survey measures when we try to explain IPO underpricing.

关键词： Behavior Finance Initial Public Offering Underpricing Investor Sentiment

作者: Wang Junliang Xia Xinping Wang Yixia

作者单位: School of Management, Huazhong University of Science and Technology, Wuhan, 430074, China

会议类型: 国际会议

会议名称: 第六届管理学国际会议(Proceedings of ICM2007 the 6th International on Management)

会议地点: 武汉

会议语种:英文

页码: 1815-1821

在线出版日期: 2007-08-03（万方平台首次上网日期，不代表论文的发表时间）