Prospectus, Investor Attention and Stock Performance of the First Listed Companies on the Beijing Stock Exchange
- DOI
- 10.2991/aebmr.k.220404.082How to use a DOI?
- Keywords
- Beijing Stock Exchange; prospectus; investor attention; text mining
- Abstract
Beijing Stock Exchange is China’s first corporate stock exchange established with the approval of the State Council incorporated on September 3, 2021. In this paper, we studied the first 74 listed companies on the Beijing Stock Exchange on November 15, 2021 and constructed relevant textual indicators from the dimensions of prospectus and investor attention. We found that the value figures in the prospectus showed a significant positive correlation with the rise and fall of listed companies on the early days, and there is a significant negative correlation between daily stock attention and stock price. In addition, whether a company is listed in stock market for the first time has a significant positive correlation with stock price fluctuations. At the same time, it can be seen from the text linear discriminant analysis that most of the stocks that rose on the first day belonged to the software and pharmaceutical high-tech industries, and they were more inclined to disclose their own risks, employees and other basic information of the company in the prospectus. However, most of the stocks that fell on the first day belong to the image and material industries, and their financial situation is more disclosed in the prospectus.
- Copyright
- © 2022 The Authors. Published by Atlantis Press International B.V.
- Open Access
- This is an open access article distributed under the CC BY-NC 4.0 license.
Cite this article
TY - CONF AU - Chen Han AU - Yi Wei AU - Shiyue Xu PY - 2022 DA - 2022/04/18 TI - Prospectus, Investor Attention and Stock Performance of the First Listed Companies on the Beijing Stock Exchange BT - Proceedings of the 2022 International Conference on Creative Industry and Knowledge Economy (CIKE 2022) PB - Atlantis Press SP - 428 EP - 434 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.220404.082 DO - 10.2991/aebmr.k.220404.082 ID - Han2022 ER -