文章基本信息

标题：The Impacts of Investor Sentiment and Geographical Locations on IPO Underpricing
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作者：Weiju Young ; Junming Hsu ; Huang Po-Yu 等
期刊名称：Academy of Accounting and Financial Studies Journal
印刷版ISSN：1096-3685
出版年度：2020
卷号：24
期号：6
页码：1-8
语种：English
出版社：The DreamCatchers Group, LLC
摘要：This study examines the impacts of (1) Google abnormal search volume index (ASVI) and (2) geographic locations on firms' initial public offering (IPO) underpricing. The results show that pre-IPO ASVI positively affects IPO first-day returns, implying that IPO underpricing is associated with investor sentiment. Urban and city firms have greater underpricing than rural firms, revealing that the former are more information asymmetric. More importantly, the cross term of high ASVI and urban generates serious IPO underpricing, which makes the respective effects of ASVI and location become insignificant. This finding implies that information asymmetry intensifies investor sentiment to increase IPO underpricing..
关键词：Initial Public Offerings (IPOs);Underpricing;Search Volume Index (SVI);Geographical locations