上市 蜜月 期

第一天
最高價

第一根
收盤價

買後第一根黑K
收盤價

上市第一天
最高酬率

賣在第一根黑K
最高報酬率

Domestic and foreign scholars want to explore the reasons of underpricing, and the interpretation of the main reasons are two versions. One is underestimating the underwriting price. Due to investors could’ t know the information of initial public offerings stocks by public listed companies, these companies are trying to attract investors by underestimating the underwriting price. The other is investor s’ excessively optimistic. The scholars think the underwriting price is not underestimated, but investors have error in the price result in investors willing to buy the stocks by higher price. In general, a lot of scholars deem the former.
This research observe four issues, including the percentage of underpricing of initial public offerings stocks by public listed companies, the average days of underpricing of initial public offerings stocks by public listed companies, the percentage of one underpricing day of initial public offerings stocks by public listed companies , the average returnss of underpricing of initial public offerings stocks by public listed companies. In each issue, I observe the variation by “industries” ,”change limit of stocks” and “the result which interact industries and change limit of stocks” separately.
In the empirical resuls, we can find the following phenomena：
1. Most of initial public offerings stocks have underpricing.
2.The change limit of stocks affect the average days of underpricing and further affect the average returns of underpricing, therefore the average days of underpricing are not direct proportion to the average returns of underpricing. In addition, the higher change limit of stocks, the shorter average days of underpricing.
3.Because the reaction of price is faster when canceling the change limit of stocks on the first five trading days beginning from the listing date, the percentage of one underpricing day is the highest.
4. The average returns of underpricing could react completely in short time and the average returns of underpricing are higher when canceling the change limit of stocks on the first five trading days beginning from the listing date.

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