Advances in Economics, Management and Political Sciences
- The Open Access Proceedings Series for Conferences
Proceedings of the 3rd International Conference on Business and Policy Studies
Series Vol. 74 , 17 April 2024
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Access | Article
Analysis of the Influence of Investor Sentiment on IPO Underpricing under Full Registration System: Empirical Analysis Based on PSM-DID
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Abstract
In February 2023, China promulgated the full implementation of the registration system in the entire stock market, replacing the original verification system. Taking the main board and GEM companies listed from January 2019 to January 2023 as research samples, this paper uses PSM-DID Model to investigate the impact of the registration system on the IPO underpricing rate. Meanwhile, OLS model is used to analyze the impact of investor sentiment and the interaction of the registration system on the IPO underpricing rate. The implementation of the registration system significantly improves the IPO underpricing rate on the basis of 1%. Parallel trend test and placebo test further verify the robustness of the conclusion. the interaction between investors' speculation and the registration system also improves the IPO underpricing rate.
Keywords
registration system, IPO underpricing, investor sentiment, PSM-DID, demonstration
References
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Data Availability
The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.
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- Volume Title
- Proceedings of the 3rd International Conference on Business and Policy Studies
- ISBN (Print)
- 978-1-83558-371-5
- ISBN (Online)
- 978-1-83558-372-2
- Published Date
- 17 April 2024
- Series
- Advances in Economics, Management and Political Sciences
- ISSN (Print)
- 2754-1169
- ISSN (Online)
- 2754-1177
- DOI
- 10.54254/2754-1169/74/20241534
- Copyright
- 17 April 2024
- Open Access
- This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited