Investors' attention and overpricing of IPO: an empirical study on China's growth enterprise market

doi:10.1007/s10257-017-0351-1

CORC > 上海财经大学 > 上海财经大学

	Investors' attention and overpricing of IPO: an empirical study on China's growth enterprise market
	Huang, Hailiang 1,2; Li, Yanhong 1,2; Zhang, Yingying 1,2
刊名	INFORMATION SYSTEMS AND E-BUSINESS MANAGEMENT
	2018-11
卷号	16 期号:4 页码:761-774
关键词	Investors' attention Text mining Growth Enterprise Market (GEM) Overpricing of IPO
ISSN号	1617-9846
DOI	10.1007/s10257-017-0351-1
英文摘要	In China, the Growth Enterprise Market (GEM) is a brand new market that provides an additional way of financing for firms with good growth potential. Whereas there has been a massive amount of stocks breaking on the first trading day since 2010, the risk of IPO's overpricing in China's GEM has drawn more and more attention in recent years. Based on the theory of behavioral finance and limited attention, investors' attention may be a quite indicative determinant to the IPO overpricing. Accordingly, we collected data from Internet including online stock forums and search engines, then built multiple investors' attention metrics that were distinct to the traditional metrics from the offline stock market. In the empirical study, we built regression models to dig out the determinants of IPO's overpricing and found that the hybrid model containing both online metrics and financial metrics outperformed the others considerably. The adjusted R-square of the hybrid model containing both online metrics and financial metrics is as high as 82.8%, in contrast to 18.2% for the model containing only the financial metrics and 59.3% for that containing only investors' attention.
WOS研究方向	Business & Economics
语种	英语
出版者	SPRINGER HEIDELBERG
WOS记录号	WOS:000452496800003
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/478]
专题	上海财经大学
通讯作者	Zhang, Yingying
作者单位	1.Shanghai Univ Finance & Econ, Sch Informat Management & Engn, Shanghai 200433, Peoples R China; 2.Shanghai Key Lab Financial Informat Technol, Shanghai 200433, Peoples R China
推荐引用方式 GB/T 7714	Huang, Hailiang,Li, Yanhong,Zhang, Yingying. Investors' attention and overpricing of IPO: an empirical study on China's growth enterprise market[J]. INFORMATION SYSTEMS AND E-BUSINESS MANAGEMENT,2018,16(4):761-774.
APA	Huang, Hailiang,Li, Yanhong,&Zhang, Yingying.(2018).Investors' attention and overpricing of IPO: an empirical study on China's growth enterprise market.INFORMATION SYSTEMS AND E-BUSINESS MANAGEMENT,16(4),761-774.
MLA	Huang, Hailiang,et al."Investors' attention and overpricing of IPO: an empirical study on China's growth enterprise market".INFORMATION SYSTEMS AND E-BUSINESS MANAGEMENT 16.4(2018):761-774.