{"id":{"repo_id":"nus","oai_identifier":"oai:scholarbank.nus.edu.sg:10635/22819"},"canonical_url":"https://search.dev.ndltd.org/etd/nus/oai:scholarbank.nus.edu.sg:10635/22819","repository":{"repo_id":"nus","name":"National University of Singapore","base_url":"https://scholarbank.nus.edu.sg/oai/request"},"display":{"title":"The impact of investor sentiment on IPO underpricing","abstract":"We find that the abnormal trading by small investors is positively related to IPO underpricing. In addition to this firm specific investor sentiment, the market wide investor sentiment is also positively related with IPO underpricing significantly. Investor sentiment is positively related with IPO underpricing for both high and low investor sentiment. We show that for harder to arbitrage firms the positive relation between IPO underpricing and sentiment is more pronounced. We also find that the volatility of IPO underpricing is positively related to investor sentiment and infer that it is not only information asymmetry that matters, but also the degree of excess optimism or pessimism of investors in the market.","abstract_html":"We find that the abnormal trading by small investors is positively related to IPO underpricing. In addition to this firm specific investor sentiment, the market wide investor sentiment is also positively related with IPO underpricing significantly. Investor sentiment is positively related with IPO underpricing for both high and low investor sentiment. We show that for harder to arbitrage firms the positive relation between IPO underpricing and sentiment is more pronounced. We also find that the volatility of IPO underpricing is positively related to investor sentiment and infer that it is not only information asymmetry that matters, but also the degree of excess optimism or pessimism of investors in the market.","abstract_has_math":false,"creators":["LIN ZHAN"],"institution":null,"degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":[],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2010,"date_issued":"2010-10-29","date_published":"2010-10-29","updated_at":"2026-07-24T03:32:18Z","subjects":["behavioral finance, sentiment, initial public offering, underpricing, investment banking, underwriters"],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":null,"outbound_label":null,"outbound_source":null},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:creator","label":"Author","values":["LIN ZHAN"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.issued","label":"Date","values":["2010-10-29"]},{"key":"dc:relation.isreferencedby","label":"Dc Relation Isreferencedby","values":["https://scholarbank.nus.edu.sg/handle/10635/22819"]},{"key":"dc:type","label":"Dc Type","values":["Thesis"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["behavioral finance, sentiment, initial public offering, underpricing, investment banking, underwriters"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://scholarbank.nus.edu.sg/bitstreams/695f3fb3-afcf-49ed-99a6-949d01005eea/download"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["We find that the abnormal trading by small investors is positively related to IPO underpricing. In addition to this firm specific investor sentiment, the market wide investor sentiment is also positively related with IPO underpricing significantly. Investor sentiment is positively related with IPO underpricing for both high and low investor sentiment. We show that for harder to arbitrage firms the positive relation between IPO underpricing and sentiment is more pronounced. We also find that the volatility of IPO underpricing is positively related to investor sentiment and infer that it is not only information asymmetry that matters, but also the degree of excess optimism or pessimism of investors in the market."]},{"key":"dc:format.checksum.md5","label":"Dc Format Checksum Md5","values":["73214a189c67bce1e30b73787a7744a8","7ca46fab7466db87bcd68b488dd33a36"]},{"key":"dc:title","label":"Title","values":["The impact of investor sentiment on IPO underpricing"]}]}],"canonical_facts":{"dc:creator":["LIN ZHAN"],"dc:date.issued":["2010-10-29"],"dc:description.abstract":["We find that the abnormal trading by small investors is positively related to IPO underpricing. In addition to this firm specific investor sentiment, the market wide investor sentiment is also positively related with IPO underpricing significantly. Investor sentiment is positively related with IPO underpricing for both high and low investor sentiment. We show that for harder to arbitrage firms the positive relation between IPO underpricing and sentiment is more pronounced. We also find that the volatility of IPO underpricing is positively related to investor sentiment and infer that it is not only information asymmetry that matters, but also the degree of excess optimism or pessimism of investors in the market."],"dc:format.checksum.md5":["73214a189c67bce1e30b73787a7744a8","7ca46fab7466db87bcd68b488dd33a36"],"dc:identifier.uri":["https://scholarbank.nus.edu.sg/bitstreams/695f3fb3-afcf-49ed-99a6-949d01005eea/download"],"dc:relation.isreferencedby":["https://scholarbank.nus.edu.sg/handle/10635/22819"],"dc:subject":["behavioral finance, sentiment, initial public offering, underpricing, investment banking, underwriters"],"dc:title":["The impact of investor sentiment on IPO underpricing"],"dc:type":["Thesis"]},"updated_at":"2026-07-24T03:32:18Z"}