新股短期价格表现研究评述

新股抑价是证券发行市场普遍存在的一个谜题,许多学者提出各种理论进行解释。本文从信息不对称、信息完全和市场无效率三方面对这些理论进行梳理,借此对研究我国股票市场异常行为提供一些思考。

New issues underpricing is a puzzle in the stock markets of the world. Many scholars have presented some theories to explain it. These theories divided into three aspects have been outlined in this paper. They are asymmetric information, complete information and inefficient market. They may be used to analyze abnormal behaviors in our stock market.