Abstract
In this study, we investigate the relation between the sentiment of online roadshow texts and IPO first-day returns as well as post-IPO operating performancein China's stock market. Our results suggest that a higher positive tone in management's responses and comments during online roadshows is significantly associated with greater first-day returns. The results also show that the management tone is significantly and positively related to post-IPO operating performance. Our study indicates that the tone of online roadshows is informative and its information content has important implications for understanding IPO first-day returns and future operating performance in China's stock market.
Original language | English (US) |
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Article number | 101588 |
Journal | Pacific Basin Finance Journal |
Volume | 68 |
DOIs | |
State | Published - Sep 2021 |
All Science Journal Classification (ASJC) codes
- Finance
- Economics and Econometrics
Keywords
- First-day returns
- Management tone
- Online roadshow
- Post-IPO operating performance
- Textual analysis