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Judging a Book by Its Cover: Analysts and Attention-Driven Price Patterns in China’s IPO Market

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  • Feng, Xunan

    (Southwestern University of Finance and Economics)

  • Johansson, Anders C.

    (Stockholm China Economic Research Institute)

Abstract

We hypothesize that investors in China’s market for initial public offerings (IPOs) are influenced by the level of attention given to upcoming offerings. Using a novel data set on analyst coverage, we find that investor attention as proxied by the number of analysts covering a firm drives IPO underpricing. We also show that analyst coverage is positively related with small trading activities during the first trading day. Our results suggest that analysts attract the attention of individual investors, who then drive IPO initial returns and cause related long-term price reversals in the post-IPO market. These findings contradict the argument that a primary role of analysts is to reduce information asymmetry and instead support the attention hypothesis.

Suggested Citation

  • Feng, Xunan & Johansson, Anders C., 2016. "Judging a Book by Its Cover: Analysts and Attention-Driven Price Patterns in China’s IPO Market," Stockholm School of Economics Asia Working Paper Series 2016-39, Stockholm School of Economics, Stockholm China Economic Research Institute.
    • Handle: RePEc:hhs:hascer:2016-039
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    Keywords

    Attention; Investor behavior; Behavioral biases; Analyst coverage; Initial public offerings; China;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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