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Investor sentiment and short run IPO anomaly: a behavioral explanation of underpricing

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par Ines Mahjoub
Institut des Hautes Etudes Commerciales - Mastère de Recherche 2010

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I-4\ A persistent anomaly in all industries:

Underpricing is also persistent for all the industries: automobile, banks, chemicals, construction, financial services, food and beverages, industrial, machinery, media, pharmaceutical and health, software, technology, telecommunications, transport and logistics ... Every firm, which decides to go public, faces the phenomenon of underpricing, the price of shares the firm sells tends to jump substantially on the first day of trading regardless its field of activity. Underpricing is persistent for all the firms no exception of the activity to which the firm belongs.

Oehler, Rummer, and N. Smith (2005) in their article «IPO Pricing and the Relative Importance of Investor Sentiment, Evidence from Germany», for a sample of 410 German firms from 1997 to 2001, they classify the issuing companies by field of activity. When observing the number of companies going public and the number of companies having a negative first returns, we can say that most of companies going public have a positive first day return and then their shares are underpriced regardless the field of activity and regardless the industry they are belonging to.

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