Journal of Corporate Finance · Volume 46, October 2017, Pages 139-153

媒体情绪与IPO抑价

作者：Emanuele Bajo (University of Bologna), Carlo Raimondo (University of Lugano)

摘要：在IPO期间，发行公司会因为对外披露大量信息而经历戏剧性的可见冲击。这种情况下，媒体在向投资者传达信息方面发挥了关键作用，因为投资者主要依靠二手和简化新闻。我们认为，提供新闻的方式可能改变散户的理念，从而推动股票需求和首日的回报。基于超过2800个美国上市公司和超过27,000篇报纸文章，我们发现（a）正面报道与IPO抑价正相关;（b）当新闻报道接近IPO日期时，IPO抑价效应更显著；（c）由更有声誉的报纸报道时，IPO抑价效应更显著。

关键词：首次公开发行；抑价；媒体

Media sentiment and IPO underpricing

Emanuele Bajo (University of Bologna), Carlo Raimondo (University of Lugano)

ABSTRACT

During an IPO the issuing firm experiences a dramatic visibility shock caused by a large amount of information released to the public. In this context the media play a pivotal role in conveying information to investors who mostly rely on second-hand and simplified news. We argue that the way in which news is presented may shape retail investors' beliefs and in turn drive the demand for share and first-day returns. Based on over 2800 US IPOs and over 27,000 newspaper articles we show that (a) positive tones are positively associated with IPO underpricing; (b) this effect is stronger when news is reported close to the IPO date or (c) by more reputable newspapers.

Keywords: Initial public offerings; Underpricing; Media

原文链接：

http://www.sciencedirect.com/science/article/pii/S092911991730370X

翻译：熊进宗