IPOs抑价是世界范围普遍存在的现象,一直是学术研究的热点。本文从行为金融学的角度将投资者分为理性交易者、过度自信交易者、噪声交易者和无信息交易者,通过过度自信静态均衡价格和噪声静态均衡价格,建立了行为抑价模型,其中的行为抑价由理性抑价、过度自信抑价和噪声抑价构成。
The underpricing of IPO exits over the world, and it is also the hotspot of the learning research. The paper classifies the investor into four kinds from behavioral finance, which are rational trader.overconfidence trader.noise trader.and un-information trader, and we build the behavioral underpricing model trough the static balanced prices of overconfidence and noise. In the model, the behavioral underpricing is made up of rational underpricing.overconfidence underpricing and noise underpricing.