Arbeitspapier
Underpricing, underperformance and overreaction in initial pubic offerings: Evidence from investor attention using online searches
Online activity of Internet users has proven very useful in modeling various phenomena across wide range of scientific disciplines. In our study, we focus on two stylized facts or puzzles surrounding the initial public offerings (IPOs) - underpricing and long-term underperformance. Using the Internet searches on Google, we proxy the investor attention before and during the day of the offering to show that the high attention IPOs have different characteristics than the low attention ones. After controlling for various effects, we show that investor attention still remains a strong component of the high initial returns (underpricing), primarily for the high sentiment periods. Moreover, we demonstrate that the investor attention partially explains overoptimistic market reaction and thus also a part of the long-term underperformance.
- Sprache
-
Englisch
- Erschienen in
-
Series: FinMaP-Working Paper ; No. 35
- Klassifikation
-
Wirtschaft
Financial Markets and the Macroeconomy
- Thema
-
initial public offerings
Google Trends
puzzles
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Vakrman, Tomas
Kristoufek, Ladislav
- Ereignis
-
Veröffentlichung
- (wer)
-
Kiel University, FinMaP - Financial Distortions and Macroeconomic Performance
- (wo)
-
Kiel
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Vakrman, Tomas
- Kristoufek, Ladislav
- Kiel University, FinMaP - Financial Distortions and Macroeconomic Performance
Entstanden
- 2015
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