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valuation .

Chapter III first establish direct the Issuer profit maximization model to derive two stages in the secondary market the number of shares outstanding , respectively . Then consider when underwriters underwriting participation constraint . Underwriters in the market is divided into two cases: the underwriters do not hold non-tradable shares held by the underwriters and some non- tradable shares .

Chapter IV Chapter underwriters will not hold the case of non-tradable be extended from two aspects : the release period extended to multi- stage ; would be extended to multiple individual underwriters underwriting participate in the market . Then were the best hairstyle stock strategy .

In the previous chapters Chapter conclusions on the basis of the first theoretical verification results graphically , and then use 2000 to 2010 in the Shanghai Stock Exchange, the company's initial public offering data validation share reform on underpricing affected.

With previous studies of literature based on faith asymmetry is different, this is the issuer , underwriters and investors are symmetrical between information from the investor sentiment aspect of IPO underpricing factors. This paper considers to China 's national conditions, China's stock market from institutional factors departure , given the presence of non-tradable shares underpricing affect a theoretical model, and the theoretical results with empirical evidence .

In terms of market participants , the model has the following assumptions :
Assuming a distribution company in the hot IPO market , and in the short term issue is completed.
Suppose two shares issued in the IPO market and the secondary market on an all participants divided into two emotions, namely emotional and rational . Emotional investors think the market price will vary with the next phase of the current situation , as it is a bull market , investors firmly believe that emotional stage will continue for the next bull market . If it is a bear market , investors would think that the next stage of perceptual remains bearish. Rational investor is not the case , they are able to make a fundamental value of the asset rational estimates. If it is a bull market , rational investors would think that might be the next stage of the bull market , it may no longer be a bull market . Similarly, if it is a bear market , rational investors are not convinced that the next stage is still bearish.
Assuming three retail investors are emotional, in the hot market, they tend to be overvalued assets . Other participants ( issuers , underwriters , institutional investors ) are rational, can be the case according to the company's future to make an unbiased estimate of the asset .
Hypothesis 4 does not exist on the private market or non- system. Characteristics of all participants on the market are public information and ideas , they are aware of each other . That is, the emotional and the rational investor investors know each other's ideas and the valuation of assets , but they stick to their own point of view , that their is correct.
Assuming five on the market for all participants ( issuers , underwriters , institutional investors, retail investors ) are risk neutral.

This literature study when considering investor sentiment IPO underpricing , but and existing behavioral finance research is not the same . Behavioral f