Empirical Research on the Relation Between IPO Underpricing in ChiNext and Investor Sentiment

摘要：

This article takes 28 companies listed on ChiNext at Shenzhen Stock Exchange on October 30 of 2009 as the testing samples,and selects price earning ratio,the first day turnover rate,lot winning rate to be the direct indicators weighing the investor sentiment,carries on the empirical study about the relation between IPO underpricing in ChiNext and investor sentiment.We conclude that the speculative bubble brought by the investors non-rational mood causes IPO underpricing in ChiNext.The investor has not established the idea of the value investment and has not emphasized enough risk in Chinas secondary board market.

关键词： ChiNext IPO underpricing Investor Sentiment

作者: LIU Dehong ZHOU Juncheng

作者单位: Beijing Jiaotong University,Beijing,P.R.China

会议类型: 国际会议

会议名称: The Twelfth West Lake International Conference on Small & Medium Business(第十二届西湖国际中小企业研讨会 WLICSMB 2010)

会议地点: 杭州

会议语种:英文

页码: 310-315

在线出版日期: 2010-10-24（万方平台首次上网日期，不代表论文的发表时间）