COVID-19 media sentiment and IPO underpricing

Jie Feng, Wanbin Pan, Libin Tao and Wenjing Hu

Economics Letters, 2024, vol. 234, issue C

Abstract: Based on media coverage of the COVID-19 epidemic during 2020–2022, we construct media sentiment indicators to investigate their impact on IPO underpricing in China. We find that positive (negative) COVID-19 media sentiment significantly decreases (increases) IPO underpricing, and negative sentiment has a greater effect. In addition, the results indicate that COVID-19 media sentiment has significant effects on the IPO underpricing of private firms but not on that of state-owned enterprises.

Keywords: COVID-19; Media sentiment; IPO underpricing (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:234:y:2024:i:c:s0165176523005001

DOI: 10.1016/j.econlet.2023.111474

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