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Private Placement Discount of Chinese Listed Companies Based on the Perspective of the Investors’ Sentiment

In: The 19th International Conference on Industrial Engineering and Engineering Management

Author

Listed:
  • Jun Yu

    (University of Hohai
    University of Hefei)

  • Zhu-bao Wei

    (University of Hefei)

  • Shu-zhen Wang

    (University of Hefei)

  • Jing Tang

    (University of Hefei)

Abstract

This paper explored the main driving force of private placement discount based on the perspective of the investors’ sentiment. The results show that: (1) The private placement discount has been influenced by the dual effects of rational and irrational factors, but the irrational factors are the main driving force. Also, there is a significant positive correlation between investors’ sentiment and private placement discount: the more optimistic (pessimistic) the investors’ sentiment is the greater (smaller) the private placement discounts are. (2) Short-term excessive optimism of investors led to the phenomenon of the long-term vulnerable private placement market.

Suggested Citation

  • Jun Yu & Zhu-bao Wei & Shu-zhen Wang & Jing Tang, 2013. "Private Placement Discount of Chinese Listed Companies Based on the Perspective of the Investors’ Sentiment," Springer Books, in: Ershi Qi & Jiang Shen & Runliang Dou (ed.), The 19th International Conference on Industrial Engineering and Engineering Management, edition 127, chapter 0, pages 121-130, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-38442-4_13
    DOI: 10.1007/978-3-642-38442-4_13
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    Cited by:

    1. Chen, Haozhi & Zhang, Yue, 2023. "Research on the effect of firm-specific investor sentiment on the idiosyncratic volatility anomaly: Evidence from the Chinese market," Pacific-Basin Finance Journal, Elsevier, vol. 81(C).

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