Sun, Penghua (2015). Initial Public Offerings from the Perspectives of Issuers, Underwriters and Investors: A Review of Financial and Psychological Work. PhD thesis, Universität zu Köln.

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This dissertation discusses initial public offering (IPO) and its two major phenomena: underpricing and underperformance. The dissertation reviews existent literature from both finance and psychology, from the perspectives of the three major parties in an IPO process: issuers, underwriters and investors. In each perspective, the context is unfolded according to either a logical decision making process or a sequential order of an IPO event. The results indicate that underpricing and underperformance should be perceived as joint results affected by all three parties via various parameters throughout the IPO process. Financial factors include asymmetric information and information accuracy; psychological factors include cognitive, affective and social factors. Financial and psychological factors impact underpricing and underperformance to different extents.

Item Type: Thesis (PhD thesis)
CreatorsEmailORCIDORCID Put Code
Sun, Penghuasunph-ok@163.comUNSPECIFIEDUNSPECIFIED
URN: urn:nbn:de:hbz:38-64557
Date: 27 November 2015
Language: English
Faculty: Faculty of Management, Economy and Social Sciences
Divisions: Weitere Institute, Arbeits- und Forschungsgruppen > Institute of Sociology and Social Psychology (ISS)
Subjects: Psychology
Social sciences
Uncontrolled Keywords:
initial public offering (IPO); underpricing; underperformance; asymmetric information; cognitive bias; affective bias; social influence; investor psychologyEnglish
Date of oral exam: 25 November 2015
NameAcademic Title
Hoelzl, ErikProf. Dr.
Funders: Chinese Scholarship Council
Refereed: Yes


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