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首页> 外文期刊>Journal of neuroscience, psychology, and economics >When Chronobiology Met Economics: Seasonal Affective Disorder and the Demand for Initial Public Offerings
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When Chronobiology Met Economics: Seasonal Affective Disorder and the Demand for Initial Public Offerings

机译：当时序生物学遇到经济学时：季节性情感障碍和首次公开募股的需求

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摘要

Standard economic theory presumes invariant preferences. We refute this presumption on chronobiological grounds, documenting the impact of seasonal affective disorder on investors' demand for initial public offerings (IPOs). We found that seasonal mood substantially influences short- and long-run IPO performance: (a) examining IPO first trading days indicates that, in the short run, stocks issued in short, decreasing, photo-periods (i.e., days associated with depressing daylight conditions), earn lower returns than stocks issued in long, increasing, photoperiods (i.e., cheerful days); (b) by a quarter of a year, the stocks' cum-initial-returns are equated, implying that the short-run initial excess returns of the stocks issued in the cheerful periods are fully absorbed by subsequent performance; and (c) in the long run, the stocks issued in the cheerful periods continue to underperform (until about a year and a half) and subsequently (up to 3 years) possibly revert to the grand average of IPO underperformance. The average initial return differential between the IPOs issued in depressing and cheerful days is in the sizable order of between 5 and 10% of the offering, approaching 15-25% for the relatively less publicly exposed firms, as assessed using a database of 1,526 IPOs with average gross proceeds of $15 million.
机译：标准的经济理论假定不变的偏好。我们以时间生物学为依据驳斥了这一假设，记录了季节性情感障碍对投资者对首次公开发行股票（IPO）的需求的影响。我们发现季节性情绪会严重影响短期和长期的IPO业绩：（a）检查IPO的首个交易日，表明短期内发行的股票处于短期，下跌的光周期（即与日光低迷有关的日子）条件）所获得的回报率要低于长期，不断增长的光周期（即快乐的日子）发行的股票; （b）在一年的四分之一之前，股票的初始收益等于初始收益，这意味着在活跃时期发行的股票的短期初始超额收益已被随后的表现完全吸收; （c）从长远来看，在乐观时期发行的股票继续表现不佳（直到大约一年半），随后（长达3年）可能恢复到IPO表现不佳的平均水平。使用1,526个IPO的数据库进行评估，在情绪低落和欢乐的日子里，IPO发行之间的平均初始收益差异大约为发行量的5％至10％，相对较少公开发行的公司接近15-25％。平均总收益为1500万美元。

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