IPO Pricing, Investor Behavior, and IPO Underpricing of High-Tech Companies: Evidence from SSE STAR Market and Nasdaq Market

Table 11

Net effect of IPO underpricing decomposition in different industries of the Nasdaq (NE).

Group	Mean (%)	Std (%)	Q1 (%)	Q2 (%)	Q3 (%)
Information technology	−0.75	16.47	−2.91	0.53	5.57
Public utility	6.00	6.52	−1.14	7.50	11.64
Medical care	1.19	6.10	−2.46	0.58	4.77
Consumer discretionary	2.44	17.89	−3.66	0.04	6.38
Industry	5.27	14.38	−1.42	0.49	11.54
Real estate	−15.33	32.35	−5.93	−5.79	0.00
Daily consumption	5.77	20.92	−0.67	1.18	11.23
Material science	12.39	15.81	−2.47	13.02	18.98
Finance	2.69	9.42	−1.39	0.04	3.02
Energy	−6.79	2.16	−8.32	−6.79	−5.27