Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/13009
Title: Investor sentiment and IPO pricing during pre-market and aftermarket periods : evidence from Hong Kong
Authors: Jiang, L 
Li, G
Keywords: Aftermarket trading
Institutional investors
Investor sentiment
IPO pricing
Issue Date: 2013
Publisher: North-Holland
Source: Pacific basin finance journal, 2013, v. 23, p. 65-82 How to cite?
Journal: Pacific basin finance journal 
Abstract: Using a sample of 293 IPOs in Hong Kong, we separately measure pre-market and aftermarket sentiments and examine their impact on IPO pricing in a two-stage framework. We find that underwriters only partially adjust offer price to reflect pre-market sentiment and money left on the table is positively related to the deterioration of investor sentiment in the aftermarket period. We also show that aftermarket sentiment causes a further price run-up in the secondary market. Overall, our findings suggest that institutional investors play an important role of re-distributing shares in the secondary market and underwriters take into consideration of investor sentiment in pricing IPOs during pre-market and aftermarket periods.
URI: http://hdl.handle.net/10397/13009
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2013.01.006
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