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Media Reports and IPO Performance:Information Asymmetry or Investor Sentiment——A Study Based on the Listed Companies in ChiNext

Zhang Yahui,Wan Difang,Fu Leiming  
Taking all IPO firms in ChiNext from the beginning till April 2011 as research samples,this paper studies the role of media in IPO process by discussing the impact of media reports in different time spans before IPO.After controlling self-selection bias,we find that the short-term media reports between filing date and list date are positively correlated to IPO underpricing and first-day turnover significantly,which is in agreement with the investor sentiment hypothesis;and the long-term media reports one year before filing date are significantly positively correlated to IPO underpricing,but not to first-day turnover,which does not support the information asymmetry hypothesis.We believe that the failure of information asymmetry hypothesis may be because the market is mainly in emotional investment style rather than based on the value.
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