摘要
以2009年10月创业板开板以来至2011年3月底的所有创业板IPO公司为研究样本,探讨了媒体报道在IPO抑价中的作用。通过测量招股公告日至上市日前一天的媒体报道数量,发现媒体报道与IPO抑价率正相关,并且媒体报道与IPO抑价的关系是以投资者情绪为桥梁的。此外还发现,创业板IPO存在显著的周历效应,周五上市的公司比例高达45%,并且周五上市虚拟变量与IPO抑价率显著正相关。
This paper uses all IPO firms from the open up of ChiNest in October, 2009 to the end of March, 2011 as research sample, explores the role media plays in IPO underpricing. By measuring the number of media reports from filing date to one day before the offering date, results show that media report is positively correlated to IPO underpricing significantly, and the relationship between media report and IPO underpricing is bridged by investor sentiment. Also significant day-of-the-week effect is detected. The ratio of firms offering on Friday is 45%, and the Friday dummy is positively correlated to IPO underpricing significantly.
出处
《山西财经大学学报》
CSSCI
北大核心
2011年第9期42-48,共7页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金项目"基于控制权动态配置的投融资双方激励相容机制设计:可转债融资契约视角"(70972101)
关键词
媒体报道
投资者情绪
IPO抑价
周历效应
media report
investor sentiment
IPO underpricing
Day-of-the-Week Effect
