Proceedings of the 2016 2nd International Conference on Economics, Management Engineering and Education Technology (ICEMEET 2016)

Research on Investor Sentiment in the IPO Stock Market

Authors
Ziyu Liu, Han Yang, Weidi Zhang, Xiaoli Hu
Corresponding Author
Ziyu Liu
Available Online January 2017.
DOI
10.2991/icemeet-16.2017.102How to use a DOI?
Keywords
Investor sentiment; IPO stock; Cumulative abnormal return; Cluster analysis; ANOVA
Abstract

The paper developed a sentiment factor to classify the window period into three sentiment levels (low, medium and high), discussing how the IPO stock performance was significantly affected by investor sentiment through analysis of variance, where the sentiment factor was proposed by means of cluster analysis towards three investor sentiment proxy indicators (turnover rate, number of new investors and consumer confidence index) and the stock performance data was consist of cumulative abnormal return, cumulative return and cumulative volatility. Conclusions are drawn that the IPO stock performance is basically not affected by market sentiment in the early stage, however, after a certain period the market sentiment gradually shows obvious effect on IPO stock performance, manifested by gradually being independent of the IPO market and conforming to the general market.

Copyright
© 2017, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 2016 2nd International Conference on Economics, Management Engineering and Education Technology (ICEMEET 2016)
Series
Advances in Social Science, Education and Humanities Research
Publication Date
January 2017
ISBN
10.2991/icemeet-16.2017.102
ISSN
2352-5398
DOI
10.2991/icemeet-16.2017.102How to use a DOI?
Copyright
© 2017, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

TY  - CONF
AU  - Ziyu Liu
AU  - Han Yang
AU  - Weidi Zhang
AU  - Xiaoli Hu
PY  - 2017/01
DA  - 2017/01
TI  - Research on Investor Sentiment in the IPO Stock Market
BT  - Proceedings of the 2016 2nd International Conference on Economics, Management Engineering and Education Technology (ICEMEET 2016)
PB  - Atlantis Press
SP  - 484
EP  - 489
SN  - 2352-5398
UR  - https://doi.org/10.2991/icemeet-16.2017.102
DO  - 10.2991/icemeet-16.2017.102
ID  - Liu2017/01
ER  -