2015 Fiscal Year Final Research Report
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 |
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| Research Field |
Management
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| Research Institution | Kwansei Gakuin University (2015)
Osaka City University (2014) |
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Principal Investigator |
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| Project Period (FY) |
2014-08-29 – 2016-03-31
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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 |
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| 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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| Free Research Field |
経営財務論
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