Noise from online discussion forums : evidence from IPOs in China

In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readi...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Fei, Qingqing [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2021

Rechteinformationen:	Open Access Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International ; CC BY-NC-ND 4.0

Schlagwörter:	Online forum IPO valuation Underpricing Overpricing Quiet period Online posting

Übergeordnetes Werk:	Enthalten in: China journal of accounting research - Guang dong sheng guang zhou shi : [Verlag nicht ermittelbar], 2008, 14(2021), 3 vom: Sept., Seite 231-255
Übergeordnetes Werk:	volume:14 ; year:2021 ; number:3 ; month:09 ; pages:231-255

Links:	Link aufrufen Link aufrufen Link aufrufen

DOI / URN:	10.1016/j.cjar.2021.05.001

Katalog-ID:	1769456864

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allfields	10.1016/j.cjar.2021.05.001 doi 10419/241838 hdl (DE-627)1769456864 (DE-599)KXP1769456864 DE-627 ger DE-627 rda eng Fei, Qingqing verfasserin aut Noise from online discussion forums evidence from IPOs in China Qingqing Fei 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Online forum (dpeaa)DE-206 IPO valuation (dpeaa)DE-206 Underpricing (dpeaa)DE-206 Overpricing (dpeaa)DE-206 Quiet period (dpeaa)DE-206 Online posting (dpeaa)DE-206 Enthalten in China journal of accounting research Guang dong sheng guang zhou shi : [Verlag nicht ermittelbar], 2008 14(2021), 3 vom: Sept., Seite 231-255 Online-Ressource (DE-627)623296454 (DE-600)2548343-2 (DE-576)321850521 2214-1421 nnns volume:14 year:2021 number:3 month:09 pages:231-255 https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.cjar.2021.05.001 Resolving-System kostenfrei http://hdl.handle.net/10419/241838 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_121 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_647 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2113 GBV_ILN_2119 GBV_ILN_2129 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2817 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4392 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 14 2021 3 9 231-255 26 01 0206 397421951X x1z 06-09-21 2403 01 DE-LFER 3984770731 00 --%%-- --%%-- n --%%-- l01 06-10-21 2403 01 DE-LFER https://doi.org/10.1016/j.cjar.2021.05.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf
spelling	10.1016/j.cjar.2021.05.001 doi 10419/241838 hdl (DE-627)1769456864 (DE-599)KXP1769456864 DE-627 ger DE-627 rda eng Fei, Qingqing verfasserin aut Noise from online discussion forums evidence from IPOs in China Qingqing Fei 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Online forum (dpeaa)DE-206 IPO valuation (dpeaa)DE-206 Underpricing (dpeaa)DE-206 Overpricing (dpeaa)DE-206 Quiet period (dpeaa)DE-206 Online posting (dpeaa)DE-206 Enthalten in China journal of accounting research Guang dong sheng guang zhou shi : [Verlag nicht ermittelbar], 2008 14(2021), 3 vom: Sept., Seite 231-255 Online-Ressource (DE-627)623296454 (DE-600)2548343-2 (DE-576)321850521 2214-1421 nnns volume:14 year:2021 number:3 month:09 pages:231-255 https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.cjar.2021.05.001 Resolving-System kostenfrei http://hdl.handle.net/10419/241838 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_121 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_647 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2113 GBV_ILN_2119 GBV_ILN_2129 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2817 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4392 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 14 2021 3 9 231-255 26 01 0206 397421951X x1z 06-09-21 2403 01 DE-LFER 3984770731 00 --%%-- --%%-- n --%%-- l01 06-10-21 2403 01 DE-LFER https://doi.org/10.1016/j.cjar.2021.05.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf
allfields_unstemmed	10.1016/j.cjar.2021.05.001 doi 10419/241838 hdl (DE-627)1769456864 (DE-599)KXP1769456864 DE-627 ger DE-627 rda eng Fei, Qingqing verfasserin aut Noise from online discussion forums evidence from IPOs in China Qingqing Fei 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Online forum (dpeaa)DE-206 IPO valuation (dpeaa)DE-206 Underpricing (dpeaa)DE-206 Overpricing (dpeaa)DE-206 Quiet period (dpeaa)DE-206 Online posting (dpeaa)DE-206 Enthalten in China journal of accounting research Guang dong sheng guang zhou shi : [Verlag nicht ermittelbar], 2008 14(2021), 3 vom: Sept., Seite 231-255 Online-Ressource (DE-627)623296454 (DE-600)2548343-2 (DE-576)321850521 2214-1421 nnns volume:14 year:2021 number:3 month:09 pages:231-255 https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.cjar.2021.05.001 Resolving-System kostenfrei http://hdl.handle.net/10419/241838 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_121 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_647 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2113 GBV_ILN_2119 GBV_ILN_2129 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2817 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4392 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 14 2021 3 9 231-255 26 01 0206 397421951X x1z 06-09-21 2403 01 DE-LFER 3984770731 00 --%%-- --%%-- n --%%-- l01 06-10-21 2403 01 DE-LFER https://doi.org/10.1016/j.cjar.2021.05.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf
allfieldsGer	10.1016/j.cjar.2021.05.001 doi 10419/241838 hdl (DE-627)1769456864 (DE-599)KXP1769456864 DE-627 ger DE-627 rda eng Fei, Qingqing verfasserin aut Noise from online discussion forums evidence from IPOs in China Qingqing Fei 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Online forum (dpeaa)DE-206 IPO valuation (dpeaa)DE-206 Underpricing (dpeaa)DE-206 Overpricing (dpeaa)DE-206 Quiet period (dpeaa)DE-206 Online posting (dpeaa)DE-206 Enthalten in China journal of accounting research Guang dong sheng guang zhou shi : [Verlag nicht ermittelbar], 2008 14(2021), 3 vom: Sept., Seite 231-255 Online-Ressource (DE-627)623296454 (DE-600)2548343-2 (DE-576)321850521 2214-1421 nnns volume:14 year:2021 number:3 month:09 pages:231-255 https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.cjar.2021.05.001 Resolving-System kostenfrei http://hdl.handle.net/10419/241838 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_121 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_647 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2113 GBV_ILN_2119 GBV_ILN_2129 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2817 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4392 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 14 2021 3 9 231-255 26 01 0206 397421951X x1z 06-09-21 2403 01 DE-LFER 3984770731 00 --%%-- --%%-- n --%%-- l01 06-10-21 2403 01 DE-LFER https://doi.org/10.1016/j.cjar.2021.05.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf
allfieldsSound	10.1016/j.cjar.2021.05.001 doi 10419/241838 hdl (DE-627)1769456864 (DE-599)KXP1769456864 DE-627 ger DE-627 rda eng Fei, Qingqing verfasserin aut Noise from online discussion forums evidence from IPOs in China Qingqing Fei 2021 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier DE-206 Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns. DE-206 Namensnennung - Nicht kommerziell - Keine Bearbeitungen 4.0 International CC BY-NC-ND 4.0 cc https://creativecommons.org/licenses/by-nc-nd/4.0/ Online forum (dpeaa)DE-206 IPO valuation (dpeaa)DE-206 Underpricing (dpeaa)DE-206 Overpricing (dpeaa)DE-206 Quiet period (dpeaa)DE-206 Online posting (dpeaa)DE-206 Enthalten in China journal of accounting research Guang dong sheng guang zhou shi : [Verlag nicht ermittelbar], 2008 14(2021), 3 vom: Sept., Seite 231-255 Online-Ressource (DE-627)623296454 (DE-600)2548343-2 (DE-576)321850521 2214-1421 nnns volume:14 year:2021 number:3 month:09 pages:231-255 https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf Verlag kostenfrei https://doi.org/10.1016/j.cjar.2021.05.001 Resolving-System kostenfrei http://hdl.handle.net/10419/241838 Resolving-System kostenfrei GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_120 GBV_ILN_121 GBV_ILN_138 GBV_ILN_150 GBV_ILN_151 GBV_ILN_152 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_374 GBV_ILN_602 GBV_ILN_647 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2018 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2031 GBV_ILN_2034 GBV_ILN_2036 GBV_ILN_2037 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2113 GBV_ILN_2119 GBV_ILN_2129 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_2548 GBV_ILN_2817 GBV_ILN_4012 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4277 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4335 GBV_ILN_4336 GBV_ILN_4338 GBV_ILN_4346 GBV_ILN_4367 GBV_ILN_4392 GBV_ILN_4393 GBV_ILN_4700 GBV_ILN_4753 GBV_ILN_2403 GBV_ILN_2403 ISIL_DE-LFER AR 14 2021 3 9 231-255 26 01 0206 397421951X x1z 06-09-21 2403 01 DE-LFER 3984770731 00 --%%-- --%%-- n --%%-- l01 06-10-21 2403 01 DE-LFER https://doi.org/10.1016/j.cjar.2021.05.001 2403 01 DE-LFER https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf
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source	Enthalten in China journal of accounting research 14(2021), 3 vom: Sept., Seite 231-255 volume:14 year:2021 number:3 month:09 pages:231-255
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publishDateDaySort_date	2021-09-01T00:00:00Z
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author	Fei, Qingqing
spellingShingle	Fei, Qingqing misc Online forum misc IPO valuation misc Underpricing misc Overpricing misc Quiet period misc Online posting Noise from online discussion forums evidence from IPOs in China
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topic_title	Noise from online discussion forums evidence from IPOs in China Qingqing Fei Online forum (dpeaa)DE-206 IPO valuation (dpeaa)DE-206 Underpricing (dpeaa)DE-206 Overpricing (dpeaa)DE-206 Quiet period (dpeaa)DE-206 Online posting (dpeaa)DE-206
topic	misc Online forum misc IPO valuation misc Underpricing misc Overpricing misc Quiet period misc Online posting
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title	Noise from online discussion forums evidence from IPOs in China
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title_full	Noise from online discussion forums evidence from IPOs in China Qingqing Fei
author_sort	Fei, Qingqing
journal	China journal of accounting research
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title_sub	evidence from IPOs in China
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title_sort	noise from online discussion forumsevidence from ipos in china
title_auth	Noise from online discussion forums evidence from IPOs in China
abstract	In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns.
abstractGer	In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns.
abstract_unstemmed	In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns.
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title_short	Noise from online discussion forums
url	https://www.sciencedirect.com/science/article/pii/S1755309121000319/pdfft?md5=9c961f613b548a7803edf06234e884a4&pid=1-s2.0-S1755309121000319-main.pdf https://doi.org/10.1016/j.cjar.2021.05.001 http://hdl.handle.net/10419/241838
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up_date	2024-07-04T16:52:54.693Z
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The empirical analysis isolates the underpricing and overvaluation components of initial returns. The number of forum comments, postings, and readings are positively associated with initial returns and the degree of underpricing, implying that forums create noise that exacerbates information asymmetry during IPOs. This effect is amplified by the quiet period regulation, which drives investors to rely on online discussion forums to obtain information. Through sentiment analyses of forum posts and media coverage, we find that the negative effect of online forums is more prominent when bad news prevails. 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Noise from online discussion forums : evidence from IPOs in China

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