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考察不同IPO方式对IPO投资者交易行为所产生的影响。实施向二级市场投资者配售发行后,新股刚上市后的价格行为参数发生了变化,降低了IPO投资者的投资绩效。这是囤积在IPO市场的资金减少的一个重要原因。IPO方式的改变对IPO超额收益的分配起着重要的作用。
Examines the impact of different IPO methods on IPO investor transactions. After the implementation of the placing to the secondary market investors, the price behavior parameters of the IPO immediately after listing have changed, reducing the investment performance of IPO investors. This is an important reason for the reduction of funds hoarding in the IPO market. IPO changes in the IPO IPO excess return distribution plays an important role.