| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4433 |
| DP4433 Monetary Union: Fiscal Stabilization In The Face of Asymmetric Shocks | |
| David Vines; Tatiana Kirsanova; Mathan Satchi | |
| 发表日期 | 2004-06-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | What role do sentiment investors play in the pricing of newly listed stocks? We derive conditions under which we can distinguish between sentiment and rational pricing behaviour and test for the rationality of small investors? demand for new stock issues using data from pre-issue (or ?grey?) markets in Europe. Under sentiment, the model predicts asymmetric relations between the prices at which small investors trade new stock issues in the grey market and i) the subsequent issue price set by the investment bank, ii) prices in the early after-market, and iii) the degree of stock price reversal in the long run. Our empirical results suggest that sentiment demand is present and influences the pricing of newly listed firms. |
| 主题 | Financial Economics |
| 关键词 | Investor sentiment Ipos Grey markets |
| URL | https://cepr.org/publications/dp4433 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533386 |
| 推荐引用方式 GB/T 7714 | David Vines,Tatiana Kirsanova,Mathan Satchi. DP4433 Monetary Union: Fiscal Stabilization In The Face of Asymmetric Shocks. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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