Title:
1-s2.0-S1755309115000039-main
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Description: Measuring the information environment of firms using analyst (price) forecast
bias and forecast dispersion before listing, we empirically examine the interactive
influence of the information environment and market-wide sentiment on
the initial returns of initial public offerings (IPOs). We find the smaller the analyst
forecast bias/dispersion, the lower the effect market-wide sentiment has on
IPO initial returns. This finding indicates that information asymmetry is a
basic reason for noise trading occurs and demonstrates the positive effect of
financial analysts during IPOs. In addition, the effect of analyst forecasts is
more pronounced during periods of rising markets and when IPO prices are
not regulated.
2015 Sun Yat-sen University. Production and hosting by B.V. This is an open
access article under the CC BY-NC-ND license (http://creativecommons.org/
licenses/by-nc-nd/4.0/).
http://dx.doi.org/10.1016/j.cjar.2015.01.002
1755-3091/ 2015 Sun Yat-sen University. Produ
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