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

Table 9

Estimated results of FE, SE, and NE of the Nasdaq Market.

Symbol	Mean (%)	Std (%)	Q1 (%)	Q2 (%)	Q3 (%)
SE:E(1-e^-ω|θ)	7.76	7.99	3.81	4.16	9.12
FE:E(1-e^-μ|θ)	6.41	7.73	3.81	3.81	6.26
NE:SE-FE	1.35	12.00	−2.45	0.35	5.30