Equilibrium Signal and Purchase Decision in China’s IPO Net Roadshow: A Dynamic Game Approach

<div>The variation of <svg height="8.8423pt" id="M224" style="vertical-align:-0.2064009pt" version="1.1" viewbox="-0.0498162 -8.6359 8.8162 8.8423" width="8.8162pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M645 631C614 643 545 666 457 666C215 666 23 519 23 283C23 90 158 -16 337 -16C412 -16 489 2 522 10C543 39 590 127 606 167L580 181C519 89 459 18 348 18C201 18 122 136 122 287C122 464 244 632 435 632C544 632 602 595 608 472L639 475C643 526 645 581 645 631Z" id="g113-68"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="668" vert-adv-y="668"></glyph.data></g></svg> with <svg height="8.8423pt" id="M225" style="vertical-align:-0.2064009pt" version="1.1" viewbox="-0.0498162 -8.6359 9.35121 8.8423" width="9.35121pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M697 650H468L461 623L492 619C539 613 547 605 518 546C481 471 367 264 278 116H276C239 278 197 500 186 567C180 604 185 613 226 619L252 623L260 650H24L17 623C78 617 92 613 108 533L216 -11H247C365 200 515 462 560 529C616 612 624 615 689 623L697 650Z" id="g113-87"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="709" vert-adv-y="709"></glyph.data></g></svg> and <svg height="9.49473pt" id="M226" style="vertical-align:-0.2063999pt" version="1.1" viewbox="-0.0498162 -9.28833 6.59789 9.49473" width="6.59789pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M475 507C475 612 440 712 326 712C139 712 23 420 23 215C23 96 58 -12 180 -12C369 -12 475 293 475 507ZM391 522C391 486 387 448 379 394H126C155 538 222 677 310 677C386 677 391 571 391 522ZM373 346C344 193 283 22 189 22C126 22 106 114 106 196C106 243 111 293 118 346H373Z" id="g113-230"></path><glyph.data ascent="3473" descent="-2876" horiz-adv-x="498" vert-adv-y="498"></glyph.data></g></svg> under the circumstance of the separating equilibrium.</div>

Discrete Dynamics in Nature and Society

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Figure 7

Figure 7: Equilibrium Signal and Purchase Decision in China’s IPO Net Roadshow: A Dynamic Game Approach 