证券市场导报Issue(1)：70-77,8.
媒体报道与IPO绩效：信息不对称还是投资者情绪？——基于创业板上市公司的研究
张雅慧 1万迪昉 1付雷鸣1
作者信息
- 1. 西安交通大学管理学院,陕西西安710049
- 折叠
摘要
Abstract
Taking all IPO firms in ChiNext from the beginning till April 2011 as research samples, this paper studies the role of media in IPO process by discussing the impact of media reports in different time spans before IPO. After controlling self-selection bias, we find that the short-term media reports between filing date and list date are positively correlated to IPO underpricing and first-day turnover significantly, which is in agreement with the investor sentiment hypothesis; and the long-term media reports one year before filing date are significantly positively correlated to IPO underpricing, but not to first-day turnover, which does not support the information asymmetry hypothesis. We believe that the failure of information asymmetry hypothesis may be because the market is mainly in emotional investment style rather than based on the value.关键词
创业板/IP0抑价/媒体报道/信息不对称/投资者情绪Key words
ChiNext/IPO underpricing/media report/information asymmetry/investor sentiment分类
管理科学引用本文复制引用
张雅慧,万迪昉,付雷鸣..媒体报道与IPO绩效：信息不对称还是投资者情绪？——基于创业板上市公司的研究[J].证券市场导报,2012,(1):70-77,8.
