The effect of investor sentimet and network extracted from Internet message boards on IPO puzzles
Project/Area Number |
26885065
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Research Category |
Grant-in-Aid for Research Activity Start-up
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Allocation Type | Single-year Grants |
Research Field |
Management
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Research Institution | Kwansei Gakuin University (2015) Osaka City University (2014) |
Principal Investigator |
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Project Period (FY) |
2014-08-29 – 2016-03-31
|
Project Status |
Completed (Fiscal Year 2015)
|
Budget Amount *help |
¥2,730,000 (Direct Cost: ¥2,100,000、Indirect Cost: ¥630,000)
Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2014: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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Keywords | 投資家心理 / IPO / テキストマイニング / 初期収益率 / 投資家注目度 / カスケード / ネットワーク / SVM / IPO / 新規株式公開 / インターネット掲示板 / サポートベクターマシーン |
Outline of Final Research Achievements |
This study find bullish investor sentiment and sentiment cascade lead to IPO puzzles: high initial return and low post-IPO stock returns. Pre-IPO investor sentiment is extracted from Yahoo! Japan message boards using text-mining technique and support vector machine. In adddition to that, The constrution of investoer network is based on reply message of poster on message boards.We find that excessive optimism and sentiment cascade lead to IPO puzzles.
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Report
(3 results)
Research Products
(6 results)