Driving the Presence of Investor Sentiment: The Role of Media Tone in IPOs

Medientyp: E-Book

Titel: Driving the Presence of Investor Sentiment : The Role of Media Tone in IPOs

Beteiligte: You, Jiaxing [Verfasser:in]; Coakley, Jerry [Sonstige Person, Familie und Körperschaft]; Firth, Michael [Sonstige Person, Familie und Körperschaft]; Fuertes, Ana-Maria [Sonstige Person, Familie und Körperschaft]; Shen, Zhe [Sonstige Person, Familie und Körperschaft]

Erschienen: [S.l.]: SSRN, [2018]

Umfang: 1 Online-Ressource (60 p)

Sprache: Englisch

DOI: 10.2139/ssrn.3221073

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Anmerkungen: Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments July 27, 2018 erstellt

Beschreibung: We read all newspaper articles to measure the pre-IPO media tone for 1,068 Chinese book-built IPOs issued from 2005–2013. We document significant and robust evidence that media tone is related to high IPO first-day returns and low long-run abnormal returns. One positive newspaper article can predict an increase of 2.38 – 9.42 percentage points in first-day returns and a decrease of 3.26 – 10.09 percentage points in post-IPO three-year abnormal returns. Further analysis reveals that high pre-IPO media tone is positively associated with first-day retail trading and retail demand in the IPO market, indicating that pre-IPO media tone can enhance the presence of investor sentiment around the IPO event. Taken together, these findings are consistent with our hypothesis that media tone can influence post-IPO prices through the presence of investor sentiment, leading to high first-day returns and low long-run stock performance

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