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Proceedings of the 2nd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2023, May 19–21, 2023, Hangzhou, China

Research Article

Does Media Sentiment Shape the Underpricing of IPO In China?

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  • @INPROCEEDINGS{10.4108/eai.19-5-2023.2334397,
        author={Ningjia  Yang and Yihang  Lv and Haolei  Yang},
        title={Does Media Sentiment Shape the Underpricing of IPO In China?},
        proceedings={Proceedings of the 2nd International Conference on Bigdata Blockchain and Economy Management, ICBBEM 2023, May 19--21, 2023, Hangzhou, China},
        publisher={EAI},
        proceedings_a={ICBBEM},
        year={2023},
        month={7},
        keywords={media sentiment ipo underpricing china's stock market},
        doi={10.4108/eai.19-5-2023.2334397}
    }
    
  • Ningjia Yang
    Yihang Lv
    Haolei Yang
    Year: 2023
    Does Media Sentiment Shape the Underpricing of IPO In China?
    ICBBEM
    EAI
    DOI: 10.4108/eai.19-5-2023.2334397
Ningjia Yang1,*, Yihang Lv1, Haolei Yang1
  • 1: Chengdu Neusoft University
*Contact email: YangNingjia@nsu.edu.cn

Abstract

In the information economy epoch, the network media, as an information intermediary plays a guiding role in the operation of the Chinese stock market, causing strong incitement to investors. This paper aims to explore the impact of online media attention on initial public offering (IPO) underpricing from the double perspective of investor sentiment and behavioral finance through empirical research. Particularly, we studied a representative stage of China's stock market, with 756 valid IPO samples. The empirical result indicates that the IPO underpricing degree of the Growth Enterprise Market (GEM) is significantly lower than that of the Mainboard and Small and Medium Enterprise Board (SME); Turnover rate (Tnov) and price-earnings ratio (Pe) on the first day of listing will deepen IPO underpricing, while return on equity ((ROE) ̅) and offering size (Size) will mitigate the problem of IPO underpricing.

Keywords
media sentiment ipo underpricing china's stock market
Published
2023-07-24
Publisher
EAI
http://dx.doi.org/10.4108/eai.19-5-2023.2334397
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