Notice of Retraction Study on IPO's short-term overpricing in China: Evidence from Chinese listed companies
IPO's short-term overpricing is hot issues of its research in recent years, which is important to improve the efficiency of China's securities market. But few scholars specially study IPO short-term (3 months) overpricing problem and its influencing factors. Using 264 new-issued A-shares of all circulated shares issue from 2006 to 2008, this paper empirically analyses the CAR and BHAR of shares within three months is significantly positive, namely short-term overpricing, and takes related variables of market condition, including investor sentiment, and company characteristics into multiple regression model in order to study the factors influencing adjusted IPO return volatility. Conductivity is found that marketing factors affect the adjusted IPO return volatility directly, and corporate features have an indirect effect by influencing investor sentiment, one of market factors.