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| Research on the Path of the Impact of Media Attention on IPO Underpricing——Based on Empirical Evidence of GEM |
| HU Yuancheng1,GUAN Chao2 |
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2. Jiangxi University of Finance and Economics
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Abstract This paper analyzes the specific path of media attention effect on the underpricing of China’s IPO. Based on the media information of listed companies before the IPOs, the paper chooses GEM IPO companies as samples, with behavioral finance theory to make empirical tests. The path research found that high media attention which configuring investors ‘limited attention’ to target stocks lead to high underpricing rates. On the Chinese GEM with higher proportion of individual investors, the specific path that media attention impact on IPO underpricing is sentiment effect rather than cognitive effect.
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Received: 09 February 2014
Published: 15 April 2014
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Corresponding Authors:
HU Yuancheng
E-mail: hu-yc@163.com
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2014, Vol. 
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