投資者情緒與IPO時序波動的實證研究.pdf

1、華中科技大學碩士學位論文投資者情緒與IPO時序波動的實證研究姓名：王濤申請學位級別：碩士專業(yè)：企業(yè)管理指導教師：夏新平20090521II華中科中科技大學碩士學位論大學碩士學位論文AbstractIPOistheinitialpublicofferingofstock.Basedonthestudyofcrosssectionaldata，therearethreeabnmalScenes：thefirstdayofexcessearn

2、ings，longtermpoperfmancethehotissuemarket.HoweverbasedonthetimeseriesdataIPOvolumeunderpricingfluctuatesubstantiallyovertime.InhotissuemarketsthereisabigIPOvolumeunderpricing.Incoldissuemarket，thereisanoppositecondition.

3、Capitaldemtheyasymmetricinfmationtheycannotcompletelyexplainthisfluctuation.IPOvolumeunderpricingfluctuatesubstantiallyovertime.Inthispaperweconstructthreevariablesonbehalfofinvestsentiment:closedendfunddiscountthestockm

4、arketexchangeratemarketvaluethanbookvalue.BasedonthetheyofinvestsentimentthispaperexplainsthesefluctuationsinChina.EmpiricaltestsmainlyincludetwopartsoneistheanalysisoftherelationbetweenthemonthlyIPOvolumeinvestsentiment

5、theotheristheanalysisoftherelationbetweenthemonthlyIPOunderpricinginvestsentiment.WiththeIPOdatasetcoveringtheperiodApril.1998June.2005September.2006December.2007whichcontainingallinitiallistingsofAstockontheStockExchang

6、einChina.Resultsindicatethat:firstwheninvestsentimentishighertherewillbemecompaniesgopublicsecondwheninvestsentimentishighertherewillbegreateraveragemonthlyIPOunderpricing.Therefethetheyofinvestsentimentcanexplainswellth