投资者异质预期对中国IPOs异常收益影响的分析.doc

- -- ABSTRACT IPO underpricing is a hot topic in academic research but as the development of the IPO pricing reform there is another phenomenon arise that is the IPO breaking. Both the underpricing and the breaking are evidences to show that there is an abnormal return in IPO market. So this paper tried to find the condition and the reason of that by the way of statistical analysis and agent-based computational finance. I choose the IPOs issued from January 1st, 2010 to October 31th, 2014, and divided them into 3 groups including the underpricing group , the breaking group and the middle grou