【摘要】 以2001~2007年的IPO公司为样本,以分析师对IPO上市首日价格预测的离散程度和上市首日换手率衡量投资者之间的意见分歧,研究在严格卖空限制下,意见分歧程度的大小是否影响IPO溢价。研究结果表明,分析师对上市首日价格预测的离散程度越大,上市首日换手率越高,IPO溢价程度越高;分析师预测的乐观极限越高,IPO溢价程度越高。更多还原

【Abstract】 Using the dispersion of analyst forecast of first-day trading price and the turnover rate on the first trading day of IPOs to measure the divergence of opinions among investors in Chinese stock market from 2001 to 2007,this paper examines the relationship between the degree of divergence of opinion and the IPO overvaluation.The results show that the higher the dispersion of analysts’ forecast and the higher the turnover rate on the first trading day,the higher the level of IPO overvaluation;the higher the deviation of the maximum forecast from the average,the higher the IPO overvaluation.更多还原