Research on Investor Sentiment in the IPO Stock Market
- 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/).
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 -