Information environment,market-wide sentiment and IPO initial returns:Evidence from analyst forecasts before listing

• 作者: Cheng Zhang He Li Hongjun Zhu Shimin Chen
• 来源期刊: 中国会计学刊：英文版
• 学科: 经济
• 关键词: Market-wide SENTIMENT ANALYST forecasts IPO initia
• 年，卷（期）: 2015,（3）
• 页码范围: 193-211
• 页数: 19页
• 分类号: F832.51

摘要

Measuring the information environment of firms using analyst(price)forecast bias and forecast dispersion before listing,we empirically examine the interactive influence of the information environment and market-wide sentiment on the initial returns of initial public offerings(IPOs).We find the smaller the analyst forecast bias/dispersion,the lower the effect market-wide sentiment has on IPO initial returns.This finding indicates that information asymmetry is a basic reason for noise trading occurs and demonstrates the positive effect of financial analysts during IPOs.In addition,the effect of analyst forecasts is more pronounced during periods of rising markets and when IPO prices are not regulated.