Research Article
IPO Pricing, Investor Behavior, and IPO Underpricing of High-Tech Companies: Evidence from SSE STAR Market and Nasdaq Market
Table 6
Measurement results of IPO underpricing decomposition of the STAR Market.
| | Symbol | Symbolic meaning | Measure value |
| | σ | Random error term | 0.2428 | | λμ | Primary market impact | 0.0077 | | λω | Influence degree of secondary market | 0.2562 | | Sum of variance of random items | 0.1246 | | Proportion of primary market and secondary market influence in total variance | 52.7% | | Proportion of primary market influence in total variance | 0.0009% | | Proportion of secondary market influence in total variance | 0.9991% |
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