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

Table 13

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

Group	Mean (%)	Std (%)	Q1 (%)	Q2 (%)	Q3 (%)
2011	−2.77	22.09	−1.66	0.24	7.20
2012	0.12	5.84	−2.25	0.16	4.21
2013	1.23	6.52	−2.28	0.18	4.60
2014	1.24	6.52	−4.22	0.33	4.10
2015	1.79	6.85	−1.93	0.04	4.27
2016	3.44	11.46	−4.16	0.49	5.94
2017	2.00	7.52	−3.66	0.10	5.30
2018	2.62	7.52	−1.88	1.44	6.08
2019	−0.76	8.12	−3.07	0.00	3.64
2020	−1.03	13.49	−2.43	0.86	5.20
2021	2.86	17.51	−1.89	0.91	6.19

Note. The 2011 group includes the samples of stocks listed and issued before 2011. Due to too few data and scattered years, they are combined into one group of data.