WOW !! MUCH LOVE ! SO WORLD PEACE !
Fond bitcoin pour l'amélioration du site:
1memzGeKS7CB3ECNkzSn2qHwxU6NZoJ8o
Dogecoin (tips/pourboires):
DCLoo9Dd4qECqpMLurdgGnaoqbftj16Nvp
Rechercher sur le site:
Home
|
Publier un mémoire
|
Une page au hasard
Memoire Online
>
Economie et Finance
Investor sentiment and short run IPO anomaly: a behavioral explanation of underpricing
( Télécharger le fichier original )
par
Ines Mahjoub
Institut des Hautes Etudes Commerciales - Mastère de Recherche 2010
Disponible en
une seule page
suivant
Table of contents
II- Literature review of behavioral explanations ................................................42
II-1\ Informational cascades ...........................................................................43
II-2\ The prospect theory ...........................................................................43
II-3\ Investor sentiment by Ljungqvist, Nanda and Singh (2004) ..............................45
II-4\ The use of Grey Market Data ..................................................................47
II-5\ The use of market conditions to value investor's sentiment ..............................49
II-6\ Discount on closed-end funds as proxy for investor sentiment ......................51
II-7\ Other proxies and empirical results .........................................................52
List of tables
Abstract
INTRODUCTION
Section 1- Short run IPO anomaly and traditional explanations
I- Underpricing anomaly: a persistent phenomenon that characterizes IPO market
I-1\ Underpricing definition:
I-2\ A persistent anomaly in time:
I-3\ A persistent anomaly in all countries:
I-4\ A persistent anomaly in all industries:
II- Theoretical explanations of short run underpricing: A literature review
II-1\ Asymmetric information:
II-1-1\ The issuer is more informed than the investors:
Welch (1989) and others assume that the issuer is better informed about its true value.
II-1-2\ The investors are the most informed:
II-2\ Symmetric information:
II-2-1\ Risk premium:
II-2-2\ Characteristics of the Initial Public offering:
II-2-3\ Lawsuit avoidance: legal liability
II-2-4\ Underpricing as a substitute of marketing expenditures:
II-2-5\ Internet Bubble:
II-2-6\ Price stabilization and partial adjustment:
Section 2- Behavioral explanations
I- Definitions:
I-1\ The sentiment's notion:
I-2\ Hot IPO market's phenomenon:
I-3\ Investors typology:
II- Literature review of behavioral explanations:
II-1\ Informational cascades:
II-2\ The prospect theory:
II-3\ Investor sentiment by Ljungqvist, Nanda and Singh (2004):
II-4\ The use of Grey Market Data:
II-5\ The use of market conditions to value investor's sentiment:
II-6\ Discount on closed-end funds as proxy for investor sentiment:
II-7\ Other proxies and empirical results:
Section 3- The model and empirical implications
I- The model and explanatory variables:
I-1\ The model:
I-2\ The explanatory variables:
I-2-1\ Informational Asymmetry Theory:
I-2-2\ Theory asserting informational symmetry and IPO market efficiency:
I-2-3\ Investor sentiment and Behavioral approach:
II- Data Description:
III- Empirical implications and analysis:
CONCLUSION
References
suivant
Rechercher sur le site: