Heterogeneous Beliefs, Market Environment and IPO Underpricing

机译：异构信念，市场环境和IPO定价偏低

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IPO under pricing is always the focus of finance theory and practice. According to behavioral finance, this paper explores the inherent process of IPO under pricing from microscopic investor behavior and market environment by constructing an agent-based computational model. The conclusions show that the uppermost causation for severe IPO under pricing is the presence of crazy investors and hot market environment rather than the beliefs divergence. So it is necessary to strengthen the information disclosure and investors' education.

机译：定价下的IPO一直是金融理论和实践的重点。根据行为金融学，本文通过构建基于代理的计算模型，从微观投资者行为和市场环境出发，探讨了定价机制下IPO的内在过程。结论表明，定价下严重IPO的最大原因是疯狂投资者的存在和市场环境的热烈，而不是信念的分歧。因此，有必要加强信息披露和投资者教育。

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《Fourth International Joint Conference on Computational Sciences and Optimization》|2011年|p.71-75|共5页
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Zhang Haifeng; Zhang Wei; Zou Gaofeng; Zhang Yongjie;
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正文语种
中图分类计算技术、计算机技术;
关键词
IPO underpricing; agent-based computational model; heterogeneous beliefs; market environment;

机译：IPO定价不足;基于代理的计算模型;异构信念;市场环境;

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4. Heterogeneous Beliefs, Market Environment and IPO Underpricing [C] . Zhang Haifeng, Zhang Wei, Zou Gaofeng, International Joint Conference on Computational Sciences and Optimization;International Workshop on Computation Methods in Energy Economics;International Workshop on Intelligent Computational Science;International Workshop on Advanced Intelligent Computing for Meteorological Applications;International Workshop on Computational Transportation Science;International Workshop on Computational Finance and Business Intelligence;International Workshop on Multi-Criteria Decision-Making and Emergency Management;International Worksohp on Spatial Computational Sciences and Applications;International Workshop on Computational Service Science;International Workshop on Meteorological Disaster and Public Meteorology Service;International Workshop on Computational Business Science;International Conference on Intelligent Engineering Informatics;International Workshop on Logistics and Supply Chain Management;International Workshop on Low-Carbon Economy and Carbom Finance;International Workshop on Information Processing and Management for E-Commerce;International Workshop on Financial Optimization and Risk Management;International Workshop on Risk Management: THeory, Methods and Applications . 2011

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Heterogeneous Beliefs, Market Environment and IPO Underpricing

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