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nd quality issue . Habib and Ljungqvist (2001) [7] proposed a model based Rock issuer underpricing trying to determine the impact of marketing expenses to reach the minimum level of loss of wealth .

( 3 ) investors and information asymmetry between the issuing company
The earliest of these models is the Welch (1989) [8] proposed "market feedback hypothesis ." He believes that the issuing company has two types: one is the better quality of the company, issued when there is more money ; One is the poor quality of the company, when issued capital is relatively small. Because of its good quality company itself has sufficient funds for working capital , they can be issued on the stock in stages . Early in the IPO underpricing issue to attract investors to buy stocks and understand the company's prospects . When investors know enough about the issuing company after the stock 's intrinsic value can be estimated , you will find that the intrinsic value is higher than the issue price . Then re- issuing company at a higher price at a later stage offering to compensate the loss of the initial underpricing issue . The low quality of the issuing company whose issued without sufficient funds , so they are just one issue .

Based on the model in Welch , Faulhaber and Allen (1989) [9] that the issuing company willing to pay a higher underpricing issue is to allow investors to know that the company is a good prospect of the company. Crinblatt and Hwang (1989) [10] also consider the issue of underpricing distribution companies are willing to prove that the company has enough good prospects , because only good quality companies can make up for its release in the first stage underpricing costs.

Although many researchers agree that the information asymmetry IPO underpricing is an important factor , but Ritter (2002) [11] through a summary of previous research found that asymmetric information may not be the IPO underpricing phenomenon of the important reasons. Later, there are many other factors to analyze the researchers from the IPO underpricing . Ljungqvist, Nanda, Singh (2003) [12] Information on the assumption that market participants are symmetrical case, from the viewpoint of investor sentiment proved IPO underpricing also exists , then underpricing is used to compensate the underwriters to keep delayed issuance of stock ahead of the end of the bull market risks . Jenkinson, Jones (2006) [13] from the initial public offering of stock distribution considerations, to analyze its impact on the size of IPO underpricing , and found that asymmetric information on the impact of underpricing is not great . Loughran and Ritter (2002) [14] to consider the company's prospects and accounting aspects to analyze heart of IPO underpricing .
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