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t prior to listing on the IPO valuation is quite different. It is assumed that emotional investors are budget constraints , budget their IPO shares on the secondary market demand for the outstanding shares . So the total IPO shares they demand curve can be written as :

 
Emotional investors the intrinsic value of each IPO valuation
                                               
Where is a constant, is determined by investor optimism emotional than rational investors caused overestimation part , that is when emotional than rational investor investors IPO shares on each valuation higher part . The slope of that function , which means that changes every one unit caused by movements in the opposite direction .
At that time , then , the best defined as the total demand .

 , That each IPO shares , emotional than rational investor investor valuation is higher.
 , That each IPO shares , emotional than rational investor investor valuations to be low.
 , That each IPO shares , emotional investors and rational investors valuation equal.
Because there is no private or non-system information , emotional investors and rational investors know each other on the IPO valuation situation, but have their own idea of right in accordance with their intrinsic value per share valuation .

Since the end of the bull may be brought forward , in order to establish such a dynamic model , assuming that not all investors are sensibility when t = 1 in the market in the past. If the bull market continues until t = 2, then there may be another emotional investors see this excellent market, then they will be added to the market in the past . Therefore, the emotional needs of investors to include t = 1, t = 2 two time periods in demand , which would affect the above equation ( 2.1 ) in the solution of the demand . t = 1 time to participate in the market sensibility investors buy stocks when t = 1 and not pay a higher price than they expected prices . If they think that the bull market will continue until t = 2, they will pass on at t = 2 to forecast the demand for IPO shares on each valuation . Because emotional investors continue to believe that the bull market will be t = 2, then they are right at t = 2 demand forecast will include t = 1 and t = 2 two time periods into the market all the emotional needs of investors . This long-term needs ( and not just the demand for time t = 1 ) will impact on the above equation ( 2.1 ) in .

First determined at t = 2 for each IPO stock trading price , and then calculated accordingly transaction time t = 1 t = 0, price and the issue price . If the bull market ends , t = 2 when the price is rational investors prior to listing on the intrinsic value per share expected price , that is the end of the bull market clearly the intrinsic value , ie . If the bull market continues until t = 2, then the price will be determined at this time equation ( 1 ) in perceptual investors estimate the intrinsic value per share determined . Let the IPO issuance of shares outstanding , then there will be an optimal solution makes the biggest profit issuer ( see below ) . For t = 0, the amount of a given issue , issuance of shares outstanding amount , investors are rational investors and sensual when t = 1 , respec本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。