In this study,we use initial public offerings(IPOs)in China to investigate how online stock forums influence information asymmetry and IPO valuation.The empirical analysis isolates the underpricing and overvaluation c...In this study,we use initial public offerings(IPOs)in China to investigate how online stock forums influence information asymmetry and IPO valuation.The empirical analysis isolates the underpricing and overvaluation components of initial returns.The number of forum comments,postings,and readings are positively associated with initial returns and the degree of underpricing,implying that forums create noise that exacerbates information asymmetry during IPOs.This effect is amplified by the quiet period regulation,which drives investors to rely on online discussion forums to obtain information.Through sentiment analyses of forum posts and media coverage,we find that the negative effect of online forums is more prominent when bad news prevails.We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns.展开更多
Maybe it is the most important medical reform for current China to adopt the bid-and-procurement scheme to correct the distortion of pharmaceutical resources allocation. Nevertheless, overpriced drugs often happen. Th...Maybe it is the most important medical reform for current China to adopt the bid-and-procurement scheme to correct the distortion of pharmaceutical resources allocation. Nevertheless, overpriced drugs often happen. This article aims to identify potential factors leading to the overpriced. Based on the mechanism rules of the scheme, it is found that unethical doctors are crucial to high price markup in the pricing pattern of drugs. Under China＇s actual conditions, asymmetric ownership is identified to be another cause of the overpriced by developing an asymmetric bidding model. How are the impacts of these two factors to be alleviated？ Upon examination, several reform measures cannot effectively avoid the occurrence of the overpriced. Yet, the issue is very urgent for China because it is facing with the problem of population aging. Therefore, alternative options - a regulation-penalty tool and an investment subsidy policy - are proposed to improve China＇s health care.展开更多
基金supported by the‘‘111”project funded by the Ministry of Education of China and the State Administration of Foreign Experts Affairs of China[grant number B18043]
文摘In this study,we use initial public offerings(IPOs)in China to investigate how online stock forums influence information asymmetry and IPO valuation.The empirical analysis isolates the underpricing and overvaluation components of initial returns.The number of forum comments,postings,and readings are positively associated with initial returns and the degree of underpricing,implying that forums create noise that exacerbates information asymmetry during IPOs.This effect is amplified by the quiet period regulation,which drives investors to rely on online discussion forums to obtain information.Through sentiment analyses of forum posts and media coverage,we find that the negative effect of online forums is more prominent when bad news prevails.We clarify the role of online stock forums in IPO pricing and information asymmetry by separating underpricing from overvaluation in initial returns.
文摘Maybe it is the most important medical reform for current China to adopt the bid-and-procurement scheme to correct the distortion of pharmaceutical resources allocation. Nevertheless, overpriced drugs often happen. This article aims to identify potential factors leading to the overpriced. Based on the mechanism rules of the scheme, it is found that unethical doctors are crucial to high price markup in the pricing pattern of drugs. Under China＇s actual conditions, asymmetric ownership is identified to be another cause of the overpriced by developing an asymmetric bidding model. How are the impacts of these two factors to be alleviated？ Upon examination, several reform measures cannot effectively avoid the occurrence of the overpriced. Yet, the issue is very urgent for China because it is facing with the problem of population aging. Therefore, alternative options - a regulation-penalty tool and an investment subsidy policy - are proposed to improve China＇s health care.
