论文：Information environment, market-wide sentiment and

IPO initial returns: Evidence analyst forecasts

before listing-Measuring the information environment of firms using analyst (price) forecast

bias and forecast dispersion before listing, we empirically examine the interactive

influence of the information environment and market-wide sentiment on

the initial returns of initial public offerings (IPOs). We find the smaller the analyst

forecast bias/dispersion, the lower the effect market-wide sentiment has on

IPO initial returns. This finding indicates that information asymmetry is a

basic reason for noise trading occurs and demonstrates the positive effect of

financial analysts during IPOs. In addition, the effect of analyst forecasts is

more pronounced during periods of rising markets and when IPO prices are

not regulated.

 2015 Sun Yat-sen University. Production and hosting by B.V. This is an open

access article under the CC BY-NC-ND license (http://creativecommons.org/

licenses/by-nc-nd/4.0/).

http://dx.doi.org/10.1016/j.cjar.2015.01.002

1755-3091/ 2015 Sun Yat-sen University. Produ