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

<table class="table-group" id="tab12"><tr><td><table class="table"><tr><td class="thead-hr" colspan="6"><hr/></td></tr><tr class="thead"><td class="align_left">Group</td><td class="align_center">Mean (%)</td><td class="align_center">Std (%)</td><td class="align_center">Q1 (%)</td><td class="align_center">Q2 (%)</td><td class="align_center">Q3 (%)</td></tr><tr><td class="thead-hr" colspan="6"><hr/></td></tr><tr><td class="align_left">2019</td><td class="align_center">18.89</td><td class="align_center">10.20</td><td class="align_center">10.39</td><td class="align_center">16.88</td><td class="align_center">23.35</td></tr><tr><td class="align_left">2020</td><td class="align_center">19.36</td><td class="align_center">12.02</td><td class="align_center">10.89</td><td class="align_center">14.87</td><td class="align_center">23.52</td></tr><tr><td class="align_left">2021</td><td class="align_center">19.99</td><td class="align_center">12.32</td><td class="align_center">10.73</td><td class="align_center">16.29</td><td class="align_center">26.34</td></tr><tr class="table-tr"><td colspan="6"><hr class="tbody-hr"/></td></tr></table></td></tr></table>

<div>Net effect of IPO underpricing decomposition of the STAR Market in different years (NE).</div>

Discrete Dynamics in Nature and Society

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Table 12

Table 12: IPO Pricing, Investor Behavior, and IPO Underpricing of High-Tech Companies: Evidence from SSE STAR Market and Nasdaq Market 