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

Table 7

Measurement results of IPO underpricing decomposition of the Nasdaq Market.

Symbol	Symbolic meaning	Measure value
σ	Random error term	0.0000
λμ	Primary market impact	0.0729
λω	Influence degree of secondary market	0.0869
	Sum of variance of random items	0.0129
	Proportion of primary market and secondary market influence in total variance	100%
	Proportion of primary market influence in total variance	41.25%
	Proportion of secondary market influence in total variance	58.75%