What do managers of IPO firms tell investors : evidence from IPO online roadshow in chinese stock market

IPO企業の経営陣は投資家に何を教えたか？ : 中国市場のIPOオンラインロードショーからの証拠

What do managers of IPO firms tell investors : evidence from IPO online roadshow in chinese stock market

Retail investors, who are the majority traders in the Chinese stock market, cannot participate in off-line roadshows of IPO firms. Online roadshows are an important channel for them to learn about the situation of IPO firms. This study takes the IPO firms which are new-listed in Shenzhen Stock Exchange from 2010 to 2018 as the research subject, investigates the relationship between question-answers relevance in online roadshows and the first-day performance of IPO firms. According to the results, a high-level of question-answers relevance leads to a high first-day return and high liquidity. Furthermore, the additional analysis shows that the IPO firms with a high-level of question-answers relevance show stable long-term stock returns, on the contrary, the IPO firms with a low-level of question-answers relevance show the trends to decrease. Online roadshows could mitigate the information asymmetry between the investors and IPO firms, and play an important role in assessing firm values.

Creators Sun Naili

Creators Du Saijuan