Analysis On IPO's Industrial Effect Based On Media Attention

This dissertation mainly focuses on what impact will one IPO(Initial Public Offerings)company have on the other stocks which belong to the same sector.With up-to-date data,using quantitative analysis,we determine whether this IPO's industrial effect exists in Chinese stock market.Besides,the media attention is set as the important influencing factor for our empirical analysis.To be precise,we implement the event-study analysis in Shanghai and Shenzhen market from 2012 to 2017,selecting the filing date as the first day of the event window period and investigate the presence of IPO's industrial effect in Chinese stock market.Then we analyze the influencing factors of the IPO's industrial effect theoretically.Based on this,we examine the influencing factors of the IPO's industrial effect by using the cross-section regression,putting forward the predication of the significant role of media attention,This paper finds that the IPO's industrial effect exists significantly in Chinese stock market and the effect is influenced by the media attention.This study has guiding significance for practical investment.When one company is set to go public,by analyzing the enterprise characteristic,current investment environment,industry situation and so on,investors could adjust their portfolio in time(for example,sell those assets which could cause potential losses or buy those assets which could bring potential benefits)to avoid risks or gain benefits.For those companies which have already gone public,it could take action in advance according to the above judges and avoid the potential adverse effect which those incoming IPO would bring.