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inance research mostly tend asset pricing anomalies, such as Hirshleifer (2001) studied the predictability of earnings , the equity premium puzzle . Here the main research issuers and underwriters in the face of different investor sentiment on the market when the release strategy adopted . There have been many financial economists investor sentiment this behavior into asset pricing model . If Odean (1998) proposed that people are always more willing to believe that their view is correct , regardless of their actual correctness of such sentiments can also become overconfident . Many experiments show that people always would like to gain thanks to their ability , while others do not want to change the outcome of this or any other external factors are beyond their capabilities. Danie, lHirshleifer, Subrahmanyam (1998) Psychological factors have been conducted in this research study . In a bull market , investors are particularly sensitive to the emotional impact . Over time , the market gradually fade , causing the stock 's long-term performance is not very good . Loughran, Ritter, Rydqvist (1994) further issue of the IPO process is divided into several time periods , which changes with investor optimism is consistent . Lee, Shleifer, Thaler (1991) also made a lot of companies only when investor sentiment is high only when the public offering of stock . So the above several assumptions are reasonable.
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