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Can management tone predict IPO performance? – Evidence from mandatory online roadshows in China

Shibo Bian, Dekui Jia, Ruihai Li, Wujun Sun, Zhipeng Yan and Yingfei Zheng

Pacific-Basin Finance Journal, 2021, vol. 68, issue C

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.

Keywords: Textual analysis; Online roadshow; Management tone; First-day returns; Post-IPO operating performance (search for similar items in EconPapers)
JEL-codes: G12 G14 G24 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:68:y:2021:i:c:s0927538x21000950

DOI: 10.1016/j.pacfin.2021.101588

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