II-1\ Informational cascades
...........................................................................43
II-2\ The prospect theory
...........................................................................43
II-3\ Investor sentiment by Ljungqvist, Nanda and Singh
(2004) ..............................45
II-4\ The use of Grey Market Data
..................................................................47
II-5\ The use of market conditions to value investor's
sentiment ..............................49
II-6\ Discount on closed-end funds as proxy for investor
sentiment ......................51
II-7\ Other proxies and empirical results
.........................................................52
Section 3- The model and empirical
implications ................................................55
Introduction
.............................................................................................55
I- The model and explanatory variables
.........................................................57
I-1\ The model
....................................................................................57
I-2\ The explanatory variables
..................................................................58
I-2-1\ Informational Asymmetry Theory
.........................................................58
I-2-2\ Theory asserting informational symmetry and IPO market
efficiency .............60
I-2-3\ Investor sentiment and Behavioral approach
................................................61
II- Data Description
....................................................................................62
III- Empirical implications and analysis
.........................................................70
CONCLUSION
....................................................................................77
References
.............................................................................................82
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