珞珈金融论坛(第49期)
发布日期:2016-10-08 23:11:10  点击量:

题目:Attracting Attention in an IPO

报告人:Ruichang Lu, 北京大学光华管理学院金融系,助理教授

时间:20161013(周四) 1530 1700

地点:经管院B226

报告摘要如下:

Recent research indicates that attracting pre-offer investor attention yields long term benefits to an initial public offering (IPO) issuer. For investors with limited attention, we model a way in which firms may attract attention: through underpricing their IPO, and using the expected allocations of underpriced shares to induce investors to attend the road show and consider the offering. Consistent with our model, we show that our measure of attention, a simple count of news articles mentioning a company’s name in the last week pre-IPO, is positively related to both price revision and initial return for the company’s stock. One extra piece of media coverage in the last week before the IPO is associated with a 2.2% greater initial return (4.0%, if the offer price is revised upwards). The positive relationship between media coverage and underpricing is asymmetric, and is stronger when ex ante uncertainty is greater. Our model also generates novel predictions regarding the relationship between initial returns and retention, expansion, and the benefits and opportunity costs of attention for various issuers.  Our model explains the relative unpopularity of grey market or when issued trading before IPOs and predicts that, even if the JOBS Act leads to more active pre-IPO trading in the US (for example, through equity crowdfunding or crowdinvesting), underpricing will still occur.

报告人简介:

Ruichang Lu(卢瑞昌)目前是北京大学光华管理学院金融系助理教授。卢教授2014年获得新加坡国立大学金融学博士学位,2008年获得上海财经大学经济学硕士学位,2006年获得上海财经大学房地产管理和人力资源管理双学士。他的研究方向在公司金融、金融中介、银行、公司治理等。