公司的媒体信息管理行为与IPO定价效率

本文选取2009~2011年间沪深IPO公司为样本,系统地研究了公司的媒体信息管理行为对于IPO一级市场定价和抑价率的影响及其作用路径。在控制了其他影响因素后,我们发现公司的媒体信息管理行为在提高IPO发行价的同时,降低了IPO抑价水平,提高了资本市场的定价效率,公司在上市造势期内的媒体新闻报道每增加1篇,其IPO抑价率平均会降低0.3%左右。进一步,我们发现,媒体关注度对首日换手率无显著影响,表明媒体提高IPO定价效率主要依赖其信息传播作用,而非通过影响投资者情绪来实现。本文研究表明,上市公司能有效借助媒体这一信息传导渠道,适时主动地释放公司定价信息,有效地提高了市场的定价效率。     

机构投资者私人信息、散户投资者情绪与IPO首日回报率

针对影响IPO首日回报率的一级市场与二级市场因素,本文将机构投资者的私人信息和散户投资者的情绪结合起来,以我国新股发行市场为背景建立模型,对IPO破发或抑价产生的微观机制给出一种理论上的解释。模型结论表明:IPO是否破发主要取决于散户投资者的情绪,而不是机构投资者的私人信息,并且散户投资者情绪越乐观,IPO破发的可能性就越小;同时发现IPO首日回报率与散户投资者情绪正相关,与机构投资者的私人信息负相关。以2010年11月至2013年12月在沪深交易所上市且披露网下具体报价情况的477家IPO公司为样本对模型进行实证检验,实证结果支持了模型结论。研究结果对于如何提高IPO发行效率提供了一些启示。     

投资者情绪如何影响股票定价?——基于IPO 公司的实证研究

分析了投资者情绪如何影响股票定价，并以2006 年—2011 年间917 家IPO 公司为样本进行实证检验． 结果发现: 1) 市场情绪和个股具体的情绪均显著影响IPO 溢价． 具体而言，市场情绪较高组比较低组的IPO 溢价高36% (63% vs 27%) ，个股具体情绪较高组比较低组的IPO 溢价高24% (56% vs 32%) ; 2) 公司价值不确定性越高，市场情绪对IPO 溢价的影响越大，公司投机风险越高，市场情绪对IPO 溢价的影响越小; 3) IPO 溢价较高的公司，其股价在上市后会逐渐反转．     

投资者情绪如何影响股票定价?——基于IPO公司的实证研究

分析了投资者情绪如何影响股票定价,并以2006年—2011年间917家IPO公司为样本进行实证检验.结果发现:1)市场情绪和个股具体的情绪均显著影响IPO溢价.具体而言,市场情绪较高组比较低组的IPO溢价高36％(63％vs 27％),个股具体情绪较高组比较低组的IPO溢价高24％(56％ vs 32％);2)公司价值不确定性越高,市场情绪对IPO溢价的影响越大,公司投机风险越高,市场情绪对IPO溢价的影响越小;3)IPO溢价较高的公司,其股价在上市后会逐渐反转.     

非言语维度的信息重要吗?——基于投资者电话交流会信号博弈的实证研究

针对中国资本市场中自愿信息披露的非言语维度信息有效性问题，利用电话交流会的“信号博弈”问题展开了理论分析与实证研究：首先，本文构建了一个信号传递博弈模型对其中存在的委托代理问题进行理论分析；然后，基于分析结果，本文整理了2013年—2016年中国上市公司召开的投资者电话交流会的相关音频文件，在文本分析的基础上，通过声音情绪的维度进行了实证检验.研究发现：1)会议中高管的声音维度的确含有文本之外的重要增量信息；2)理论和实证均发现，相较于正面情绪，投资者更倾向通过高管的负面情绪对信息进行识别；3)一些外界因素例如压力会导致高管释放更多负面情绪并能被投资者识别.综上，非言语维度确实含有增量信息，可以缓解管理层-股东之间的委托代理问题.     

我国IPO定价效率问题研究——基于信息不对称与行为金融学视角

自中国证券市场成立以来,IPO定价效率低下的问题备受关注。文章尝试从信息不对称和行为金融学视角入手,分析IPO定价效率的影响因素。研究发现：信息不对称和行为金融学均较好地解释了我国IPO定价效率低下的原因。由于证券市场存在严重的信息不对称、易受投资者情绪影响以及股票市场效率较低等问题,我国IPO定价效率还有待进一步提升。为此,文章分别从个人投资者、政府及监管机构和上市企业的角度提出合理建议,以期改变我国证券市场的高抑价现象,助推IPO定价效率的提高,促进我国资本市场金融资源的合理配置,推动我国证券市场健康发展。     

中国老股转让制度提高还是降低了IPO定价效率?——基于投资者行为下的理论与实证分析框架

在假定投资者存在私人信息的情况下,以投资者行为为研究视角,构建了老股转让前后IPO定、抑价模型,研究了老股转让前后投资者行为对IPO定价效率的影响,并进行了比较分析。理论模型和数值分析表明:在两种不同的制度下,散户投资者越乐观,IPO定价效率越低,且散户和机构投资者之间的分歧越大,IPO定价效率也越低;在投资者情绪相同的情况下,老股转让制度降低了IPO抑价,具有更高的定价效率;然而,当老股转让后投资者之间的分歧大于老股转让前分歧时,则可能导致老股转让后的IPO抑价高于老股转让前的IPO抑价,即老股转让后的IPO抑价更高,IPO定价效率更低。论文以我国2009-2012以及2014年IPO数据进行实证研究,初步统计发现,老股转让后的IPO抑价明显高于老股转让前IPO抑价,得到与理论模型恰好相反的结论;实证分析结果表明,老股转让后投资者情绪对IPO抑价影响明显大于老股转让前的,也就是说,由于老股转让制度反而提高了我国投资者的乐观情绪,从而导致了与理论模型预期恰好相反的结果。因此,加强投资者理性培养对于我国IPO市场化改革的成败至关重要。     

高管之“人”的先天特征在IPO市场中起作用吗?

目前,高管特征的研究仅关注于个人生活经历和工作经历等"后天"因素,缺乏高管先天特征的研究。本文以我国创业板公司在IPO网上路演中的推介高管为研究对象,检验了高管的长相和语音对IPO市场的影响,研究发现:投资者偏好高管长相较好的公司:公司高管长相好,IPO申购中签率低、首日换手率低。高管长相在IPO市场中存在"美貌溢价",即高管长相较好的公司,IPO折价率低;而高管长相较差的公司,则并无显著结论。IPO市场对高管的"低音偏好"具体表现为:高管语音的音量越低,IPO热度越高、IPO折价率也越低;并且,声音低沉的高管所管理的公司价值较高。对比发现,语音特征的作用比长相特征的作用稳定。本文利用机器学习的方法获取客观数据,将高管特征的研究从"后天塑造"的角度拓展至"先天遗传"的领域,为先天特征与公司财务之间关系提供了直接证据。     

媒体信息对IPO询价机构的影响研究——基于机构私人信息视角的理论与实证北大核心CSSCI

将媒体公共信息与机构投资者私人信息联系起来,在我国新股发行询价制背景下建立基于贝叶斯信息准则的IPO定价模型,对媒体信息影响机构投资者私人信息、行为决策及其期望初始收益的微观机制给出了理论上的解释。模型分析表明:媒体公共信息与机构投资者私人信息是条件正相关的,私人信息的分布情况将取决于媒体信号的实现值;媒体信息具体通过两种路径影响机构投资者私人信息及其初始收益——激励效应和需求效应;这两种路径分别对期望初始收益产生负面和正面影响,而媒体信息的最终影响将取决于两种路径的相对强弱。采用2009—2014年在A股上市的874个IPO样本进行实证检验,分别验证了模型的两种路径以及两种路径的综合作用,为模型结论提供了较好的实证支持。     

投资者情绪、意见分歧与中国股市IPO 之谜

中国股票市场IPO 首日回报高、长期回报低的现象十分突出,传统理性金融理论难以对这两者同时加以解释．文章基于行为金融理论,从二级市场个体投资者情绪与意见分歧相结合的角度,利用账户交易数据中的投资者IPO 首日净买入构建情绪指标对上述现象进行研究,结果表明IPO 首日投资者情绪和意见分歧均对IPO 首日回报有显著为正的解释力,尤其是当意见分歧严重时,投资者情绪的影响更大,同时首日投资者情绪对IPO 长期超额回报有显著为负的影响,但意见分歧却对长期回报没有影响．文章的研究从二级市场个体投资者非理性偏好角度揭示了中国股市“IPO 之谜”产生的根源     

新股上市后盈利能力下滑及募集资金使用分析

首先从盈利与成长能力的角度考察中国A股公司首次公开发行(IPO)前及发行后的长期基本面特性,以及IPO市场基本面的动态变化.发现A股公司的长期盈利能力在IPO之后显著下降.在对A股IPO募集资金使用情况进行长期的追踪与分析后,发现IPO募集资金投入不足和投向变更可能是造成A股IPO长期盈利能力下滑的重要原因.     

The effects of pre-IPO corporate activity on newly-public firms' growth

We investigate firms' pre-IPO corporate activity. We find that firms involved in extraordinary – i.e., beyond momentum – amounts of acquisitions, JVs, and alliances in the year leading up to their IPOs (1) are more likely to engage in post-IPO corporate activity; and (2) enter into their first post-IPO transaction twice as fast as other firms. Our results indicate that signaling via extraordinary corporate activity can have a significant effect on entrepreneurial firms’ growth. The implications are discussed.     

TMT functional complementarity and post-IPO performance: Evidence from the U.S. biotechnology industry

Drawing insights from the resource dependence and the upper echelons theories, this study examines how top management team (TMT) IPO reconfiguration – the managerial change between immediately before and after an initial public offering (IPO), affects firm performance in the post-IPO years. We investigate this through the lens of TMT functional complementarity - the degree of differing functional knowledge held by the firm's TMT in the pre-and post-IPO stage. We argue that TMT functional complementarity positively affects firm post-IPO performance. Further, this relationship is positively moderated by executive managerial discretion, measured by CEO duality and TMT insider board membership. We test our model using a sample of 250 US biotechnology firms that went public from 1991 to 2019, and the empirical results largely support our hypotheses. This study contributes to the literature of upper echelons, technology-based ventures, and IPO firms.     

The face of wrongdoing? An expectancy violations perspective on CEO facial characteristics and media coverage of misconducting firms

We examine the extent to which CEO facial characteristics matter in media coverage of firms implicated in corporate wrongdoing. We build on literature discussing that leaders’ faces may convey subjective behavioral expectations and that outsiders often over-rely on facial cues when making social judgments. We situate these insights in the context of corporate wrongdoing, where information incompleteness may be particularly high, potentially prompting outsiders to draw on CEO facial characteristics in forming their social judgments. Drawing on Expectancy Violations Theory, we hypothesize that firms led by CEOs expected to be more trustworthy, as inferred from their lower facial width-to-height ratio (fWHR), will draw greater attention and more negative opinions from the media in the wake of corporate wrongdoing. Results of an experiment (Study 1) where CEO fWHR was digitally manipulated support this counterintuitive logic, while findings based on an archival study of corporate wrongdoing of US firms from 2003 to 2016 (Study 2) partly generalize the rationale in the field setting. Our findings suggest that subjective expectations inferred from CEO faces may serve as part of a complex and underexamined source of variation in media coverage of misconducting firms. We discuss implications for theory and practice.     

An investigation of the attention effects of venture capitalist backing on entrepreneurial firms

In this paper, we predict that venture capital (VC) backed initial public offerings (IPOs) will attract more attention than non-VC-backed IPOs, as VCs offer important signals to investors searching for information about entrepreneurial firms. We use a measure developed by Google (i.e., Trends) to capture the spikes in investors' attention experienced by firms in the time period surrounding their IPOs. Our results demonstrate that firms backed by VCs enjoy a far greater spike in attention than their counterparts. Furthermore, we find that firms with more prominent VCs, a larger number of VCs, and VCs situated at farther geographic distances exhibit significantly greater spikes in investors’ attention during the week of their IPO. Combined, the findings show a clear demarcation between entrepreneurial firms with or without VC backing, they bring to the fore new upshots stemming from the relationship between VCs and entrepreneurial firms, and they raise new potential questions on this relationship and beyond.     

机构投资者持股与上市公司违规行为的实证研究

本文采用部分可观测的Bivariate Probit估计方法,对2001年至2009年中国1729家上市公司进行回归检验,发现机构投资者持股比例降低了公司违规行为倾向,同时增加了公司违规行为被稽查的可能性。该结论在控制了机构投资者变量内生性的因素后仍旧稳健。进一步研究表明,相比公司经营违规,机构投资者对信息披露违规倾向的影响更强。另外,相比证券机构投资者,养老保险基金、社保基金、企业年金持股的公司中违规公司比例更低。除此以外,机构投资者对公司违规的抑制与检举作用并不受其它公司治理变量的影响。本文的研究表明中国机构投资者在预防与打击上市公司违规行为方面发挥了重要的作用,并且也为上市公司与监管部门提供了治理和防范企业违规的线索。     

Patents,R&D investments and post-IPO strategies

This paper empirically investigates the effect of going public on the evolution of high-tech entrepreneurial firms, focussing in particular on the interaction between innovation variables and financing and investment strategies. Specifically, I confront the effects of the IPO on firms with higher R&D investments versus firms with more patents. Firms with higher R&D investments typically view the IPO as a mechanism to raise external equity, used to pursue investments and to acquire participation in other companies, whereas those with more patents raise more debt capital and invest less after the IPO, as compared to high-tech entrepreneurial firms. I suggest that a large number of patents is an index of technological maturity for high-tech ventures, even more than age and size, that helps investors to individuate firms with a lower level of risk.     

Emotion cycles: On the social influence of emotion in organizations

Human emotion is typically studied as a within-person, one-direction, non-repetitive phenomenon; focus has traditionally been on how one individual feels in reaction to various stimuli at a certain point of time. But people recognize and inevitably react emotionally and otherwise to expressions of emotion of other people. We propose that organizational dyads and groups inhabit emotion cycles: Emotions of an individual influence the emotions, thoughts and behaviors of others; others’ reactions can then influence their future interactions with the individual expressing the original emotion, as well as that individual's future emotions and behaviors. People can mimic the emotions of others, thereby extending the social presence of a specific emotion, but can also respond to others’ emotions, extending the range of emotions present. People can also draw attributions and extract meanings from others’ emotions. Emotion cycles can involve both intended targets of or partners to an original emotion and third parties who were not the intended targets or partners. Emotion cycles are sensitive to various moderating factors, including demographic variables (e.g., gender or race) and situational variables (e.g., relative power of participants). Pertinent organizational and psychological research that supports the idea of emotion cycles is reviewed and shown to suggest a wide arena for future research.     

Human capital and agency effects on CEO compensation of IPO biopharmaceutical firms and the market’s response

This paper examines the determinants of base pay and total incentive compensation packages of CEOs of biopharmaceutical firms that have recently gone public, and whether human capital and agency factors affect the market’s response to the initial public offering. We find that in terms of net proceeds, the IPO market appears to reward the firms that have founder-CEOs and CEOs with higher incentive compensation. CEOs with prior venture capital experience are associated with receiving higher incentive compensation, while CEOs with a greater ownership interest in the firm receive lower incentive compensation but higher salaries. CEOs of firms with a greater percentage of insiders are associated with lower salaries. The results should add to our understanding related to human capital and agency theories, as well as help firms and investors better understand and structure CEO compensation.