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

被引：0

作者：

Liu Dehong ^{[1
]}

Zhou Juncheng ^{[1
]}

机构：

[1] Beijing Jiaotong Univ, Beijing, Peoples R China

来源：

PROCEEDINGS OF THE TWELFTH WEST LAKE INTERNATIONAL CONFERENCE ON SMALL & MEDIUM BUSINESS (WLICSMB 2010) | 2011年

关键词：

ChiNext; IPO underpricing; Investor Sentiment;

D O I：

暂无

中图分类号：

F [经济];

学科分类号：

02 ;

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 investor's 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 China's secondary board market.

引用

页码：310 / 315

页数：6

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