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- W2364808114 abstract "This paper models the impact of two kinds of noise traders(sentiment investor and positive feedback trader) on the first-day trading price of IPOs.The model shows that sentiment investors,who have over-optimistic expectations of IPO firms,have the willingness to overpay and lead to a rise from the offer price to the first-day trading price.Positive feedback traders,who observe the rise in the price,will participate in the market in the next day.Expecting the potential demand from the positive feedback traders,rational speculators will increase their demand for new shares on the first trading day,which leads to further increase in the market price of IPOs.Co-existence of sentiment investors and positive feedback traders drive the trading price high above the fundamental value of IPOs on the first trading day,which results IPO overvaluation.IPO overvaluation is positively related to the investor sentiment and positive feedback trading risk.However,the long-run performance of IPOs is negatively related to investor sentiment and positive feedback trading risk.This model can explain the coexistent of IPO′s abnormal initial return and long-run underperformance." @default.
- W2364808114 created "2016-06-24" @default.
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- W2364808114 date "2007-01-01" @default.
- W2364808114 modified "2023-09-24" @default.
- W2364808114 title "Noise Traders and IPO Overvaluation" @default.
- W2364808114 hasPublicationYear "2007" @default.
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