Microblog publicity and IPO underpricing
ABSTRACTBased on many cases of publicity using social media in the market, this paper empirically examines the damage of microblog publicity to market efficiency by using the sample of IPO companies. The results show that the companies posting microblogs during the IPO publicity period have higher I...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Taylor & Francis Group
2023-01-01
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| Series: | China Journal of Accounting Studies |
| Subjects: | |
| Online Access: | https://www.tandfonline.com/doi/10.1080/21697213.2023.2143691 |
| _version_ | 1827940286013112320 |
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| author | Chao Dou Xue Yang Xuejin Bai Rui Sun |
| author_facet | Chao Dou Xue Yang Xuejin Bai Rui Sun |
| author_sort | Chao Dou |
| collection | DOAJ |
| description | ABSTRACTBased on many cases of publicity using social media in the market, this paper empirically examines the damage of microblog publicity to market efficiency by using the sample of IPO companies. The results show that the companies posting microblogs during the IPO publicity period have higher IPO underpricing, and the more the number of microblogs, the richer the content, the higher the proportion of microblogs in the operating activities, the higher the IPO underpricing. These relationships are stronger in the enterprises with higher degree of information asymmetry and management valuing social media more. Furthermore, microblogs posted during the IPO period mainly influence investor sentiment, especially small investors. In addition, the short-term stock market performance of the companies posting microblogs is significantly worse. This paper provides a theoretical basis for standardizing the information disclosure behavior of listed companies using social media. |
| first_indexed | 2024-03-13T09:06:57Z |
| format | Article |
| id | doaj.art-83255080a81c4b8e911cf92dad5d2e81 |
| institution | Directory Open Access Journal |
| issn | 2169-7213 2169-7221 |
| language | English |
| last_indexed | 2024-03-13T09:06:57Z |
| publishDate | 2023-01-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | China Journal of Accounting Studies |
| spelling | doaj.art-83255080a81c4b8e911cf92dad5d2e812023-05-28T04:00:22ZengTaylor & Francis GroupChina Journal of Accounting Studies2169-72132169-72212023-01-0111118420510.1080/21697213.2023.2143691Microblog publicity and IPO underpricingChao Dou0Xue Yang1Xuejin Bai2Rui Sun3Business School, Central University of Finance and Economics, Beijing, ChinaBusiness School, Central University of Finance and Economics, Beijing, ChinaBusiness School, Ningbo University, Ningbo, ChinaAgricultural Bank Financial Assets Investment Co.Ltd, Beijing, ChinaABSTRACTBased on many cases of publicity using social media in the market, this paper empirically examines the damage of microblog publicity to market efficiency by using the sample of IPO companies. The results show that the companies posting microblogs during the IPO publicity period have higher IPO underpricing, and the more the number of microblogs, the richer the content, the higher the proportion of microblogs in the operating activities, the higher the IPO underpricing. These relationships are stronger in the enterprises with higher degree of information asymmetry and management valuing social media more. Furthermore, microblogs posted during the IPO period mainly influence investor sentiment, especially small investors. In addition, the short-term stock market performance of the companies posting microblogs is significantly worse. This paper provides a theoretical basis for standardizing the information disclosure behavior of listed companies using social media.https://www.tandfonline.com/doi/10.1080/21697213.2023.2143691MicroblogpublicityIPO underpricinginvestor sentiment |
| spellingShingle | Chao Dou Xue Yang Xuejin Bai Rui Sun Microblog publicity and IPO underpricing China Journal of Accounting Studies Microblog publicity IPO underpricing investor sentiment |
| title | Microblog publicity and IPO underpricing |
| title_full | Microblog publicity and IPO underpricing |
| title_fullStr | Microblog publicity and IPO underpricing |
| title_full_unstemmed | Microblog publicity and IPO underpricing |
| title_short | Microblog publicity and IPO underpricing |
| title_sort | microblog publicity and ipo underpricing |
| topic | Microblog publicity IPO underpricing investor sentiment |
| url | https://www.tandfonline.com/doi/10.1080/21697213.2023.2143691 |
| work_keys_str_mv | AT chaodou microblogpublicityandipounderpricing AT xueyang microblogpublicityandipounderpricing AT xuejinbai microblogpublicityandipounderpricing AT ruisun microblogpublicityandipounderpricing |