{"id":"https://openalex.org/W4293493370","doi":"https://doi.org/10.1080/1331677x.2022.2113739","title":"The impact of different sentiment in investment decisions: evidence from China\u2019s stock markets IPOs","display_name":"The impact of different sentiment in investment decisions: evidence from China\u2019s stock markets IPOs","publication_year":2022,"publication_date":"2022-08-29","ids":{"openalex":"https://openalex.org/W4293493370","doi":"https://doi.org/10.1080/1331677x.2022.2113739"},"language":"en","primary_location":{"id":"doi:10.1080/1331677x.2022.2113739","doi":"https://doi.org/10.1080/1331677x.2022.2113739","is_oa":true,"landing_page_url":"https://doi.org/10.1080/1331677x.2022.2113739","pdf_url":"https://www.tandfonline.com/doi/epdf/10.1080/1331677X.2022.2113739?needAccess=true&role=button","source":{"id":"https://openalex.org/S1014724869","display_name":"Economic Research-Ekonomska Istra\u017eivanja","issn_l":"1331-677X","issn":["1331-677X","1848-9664"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","ddh","erih-plus","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Research-Ekonomska Istra\u017eivanja","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.tandfonline.com/doi/epdf/10.1080/1331677X.2022.2113739?needAccess=true&role=button","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5073929987","display_name":"Dezhi Guo","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Dezhi Guo","raw_affiliation_strings":["Securities Investment Department, Alchemy Capital Co., Ltd, Shenzhen, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Securities Investment Department, Alchemy Capital Co., Ltd, Shenzhen, China","institution_ids":[]}]},{"author_position":"middle","author":{"id":null,"display_name":"Yiyin Zheng","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I196699116","display_name":"Wuhan University of Technology","ror":"https://ror.org/03fe7t173","country_code":"CN","type":"education","lineage":["https://openalex.org/I196699116"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Yiyin Zheng","raw_affiliation_strings":["School of Economics, Wuhan University of Technology, Wuhan, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Economics, Wuhan University of Technology, Wuhan, China","institution_ids":["https://openalex.org/I196699116"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5079304090","display_name":"Weishen Wang","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I21945476","display_name":"Shanghai Normal University","ror":"https://ror.org/01cxqmw89","country_code":"CN","type":"education","lineage":["https://openalex.org/I21945476"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Weishen Wang","raw_affiliation_strings":["School of Finance and Business, Shanghai Normal University, Shanghai, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Finance and Business, Shanghai Normal University, Shanghai, China","institution_ids":["https://openalex.org/I21945476"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5075770167","display_name":"Preng-Nien Hu","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4210136047","display_name":"Weifang University of Science and Technology","ror":"https://ror.org/04ha2bb10","country_code":"CN","type":"education","lineage":["https://openalex.org/I4210136047"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Preng-Nien Hu","raw_affiliation_strings":["Economics Management College, Weifang University of Science and Technology, Weifang, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Economics Management College, Weifang University of Science and Technology, Weifang, China","institution_ids":["https://openalex.org/I4210136047"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5101953289","display_name":"Ziqi Yang","orcid":"https://orcid.org/0000-0003-4211-4009","observed_orcids":["https://orcid.org/0000-0003-4211-4009"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Ziqi Yang","raw_affiliation_strings":["Investment Platform, Huatu Hongyang Corp., Ltd, Beijing, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Investment Platform, Huatu Hongyang Corp., Ltd, Beijing, China","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5084451305","display_name":"Zejun Chen","orcid":"https://orcid.org/0000-0002-8633-5842","observed_orcids":["https://orcid.org/0000-0002-8633-5842"]},"institutions":[{"id":"https://openalex.org/I187400657","display_name":"South China Normal University","ror":"https://ror.org/01kq0pv72","country_code":"CN","type":"education","lineage":["https://openalex.org/I187400657"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Zejun Chen","raw_affiliation_strings":["School of Philosophy and Social Development, South China Normal University, Guangzhou China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"School of Philosophy and Social Development, South China Normal University, Guangzhou China","institution_ids":["https://openalex.org/I187400657"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5075770167"],"corresponding_institution_ids":["https://openalex.org/I4210136047"],"apc_list":{"value":770,"currency":"GBP","value_usd":944},"apc_paid":{"value":770,"currency":"GBP","value_usd":944},"fwci":1.9966,"has_fulltext":true,"cited_by_count":16,"citation_normalized_percentile":{"value":0.87130472,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":93,"max":98},"biblio":{"volume":"36","issue":"1","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9994999766349792,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/investor-sentiment","display_name":"investor sentiment","score":0.996999979019165},{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.9340000152587891},{"id":"https://openalex.org/keywords/ipo-underpricing","display_name":"IPO underpricing","score":0.5389999747276306},{"id":"https://openalex.org/keywords/bull-and-bear-markets","display_name":"bull and bear markets","score":0.6539999842643738},{"id":"https://openalex.org/keywords/risk-free-rate","display_name":"risk-free rate","score":0.777999997138977},{"id":"https://openalex.org/keywords/market-volatility","display_name":"market volatility","score":0.5550000071525574},{"id":"https://openalex.org/keywords/macroeconomic-conditions","display_name":"macroeconomic conditions","score":0.550000011920929},{"id":"https://openalex.org/keywords/investor-behavior","display_name":"investor behavior","score":0.6140000224113464},{"id":"https://openalex.org/keywords/chinese-stock-market","display_name":"Chinese stock market","score":0.6660000085830688}],"concepts":[{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.7718218564987183},{"id":"https://openalex.org/C191935318","wikidata":"https://www.wikidata.org/wiki/Q148","display_name":"China","level":2,"score":0.635220468044281},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.6310824155807495},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.613751232624054},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.5027892589569092},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.49375829100608826},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4397222101688385},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.42734119296073914},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4171907901763916},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3588569164276123},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.26921844482421875},{"id":"https://openalex.org/C109574028","wikidata":"https://www.wikidata.org/wiki/Q647525","display_name":"Behavioral economics","level":2,"score":0.12792271375656128},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.07570546865463257},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.07346376776695251},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1080/1331677x.2022.2113739","doi":"https://doi.org/10.1080/1331677x.2022.2113739","is_oa":true,"landing_page_url":"https://doi.org/10.1080/1331677x.2022.2113739","pdf_url":"https://www.tandfonline.com/doi/epdf/10.1080/1331677X.2022.2113739?needAccess=true&role=button","source":{"id":"https://openalex.org/S1014724869","display_name":"Economic Research-Ekonomska Istra\u017eivanja","issn_l":"1331-677X","issn":["1331-677X","1848-9664"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","ddh","erih-plus","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Research-Ekonomska Istra\u017eivanja","raw_type":"journal-article"},{"id":"pmh:oai:hrcak.srce.hr:306452","doi":null,"is_oa":true,"landing_page_url":"https://hrcak.srce.hr/306452","pdf_url":"https://hrcak.srce.hr/file/442387","source":{"id":"https://openalex.org/S4306400071","display_name":"University of Zagreb University Computing Centre (SRCE)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I181343428","host_organization_name":"University of Zagreb","host_organization_lineage":["https://openalex.org/I181343428"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Economic research - Ekonomska istra\u017eivanja","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:RePEc:taf:reroxx:v:36:y:2023:i:1:p:2113739","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/1331677X.2022.2113739","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:doaj.org/article:a5355dea32de4d5aa0bd3fe6a3b765eb","doi":null,"is_oa":false,"landing_page_url":"https://doaj.org/article/a5355dea32de4d5aa0bd3fe6a3b765eb","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Ekonomska Istra\u017eivanja, Pp 1-21 (2022)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1080/1331677x.2022.2113739","doi":"https://doi.org/10.1080/1331677x.2022.2113739","is_oa":true,"landing_page_url":"https://doi.org/10.1080/1331677x.2022.2113739","pdf_url":"https://www.tandfonline.com/doi/epdf/10.1080/1331677X.2022.2113739?needAccess=true&role=button","source":{"id":"https://openalex.org/S1014724869","display_name":"Economic Research-Ekonomska Istra\u017eivanja","issn_l":"1331-677X","issn":["1331-677X","1848-9664"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","ddh","erih-plus","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Research-Ekonomska Istra\u017eivanja","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4293493370.pdf","grobid_xml":"https://content.openalex.org/works/W4293493370.grobid-xml"},"referenced_works_count":37,"referenced_works":["https://openalex.org/W1489293997","https://openalex.org/W1840218356","https://openalex.org/W2012679794","https://openalex.org/W2013631662","https://openalex.org/W2015497883","https://openalex.org/W2019712056","https://openalex.org/W2026706676","https://openalex.org/W2032947759","https://openalex.org/W2052758069","https://openalex.org/W2067648937","https://openalex.org/W2072595322","https://openalex.org/W2103455162","https://openalex.org/W2112750975","https://openalex.org/W2115573838","https://openalex.org/W2141433594","https://openalex.org/W2157323155","https://openalex.org/W2157684370","https://openalex.org/W2164012255","https://openalex.org/W2170905535","https://openalex.org/W3024445625","https://openalex.org/W3121285187","https://openalex.org/W3121299736","https://openalex.org/W3122367063","https://openalex.org/W3123153611","https://openalex.org/W3123466764","https://openalex.org/W3125095959","https://openalex.org/W3130354869","https://openalex.org/W3141519927","https://openalex.org/W3169671749","https://openalex.org/W3176634766","https://openalex.org/W3181071994","https://openalex.org/W4206435493","https://openalex.org/W4220777492","https://openalex.org/W4220798719","https://openalex.org/W4221002882","https://openalex.org/W4284972141","https://openalex.org/W4293107050"],"related_works":["https://openalex.org/W2390810485","https://openalex.org/W3042030384","https://openalex.org/W2365462668","https://openalex.org/W2970557840","https://openalex.org/W2389604365","https://openalex.org/W4409074181","https://openalex.org/W2360543925","https://openalex.org/W2529679324","https://openalex.org/W4362480120","https://openalex.org/W2168595826"],"abstract_inverted_index":{"In":[0],"this":[1],"study,":[2],"we":[3],"used":[4],"data":[5],"on":[6,148,211],"China\u2019s":[7],"initial":[8],"public":[9],"offerings":[10],"(IPOs),":[11],"market":[12,64,80,96,165,187,206],"volatility":[13],"and":[14,18,65,77,86,114,143,201,207],"macro":[15,208],"environment":[16],"before":[17],"after":[19],"two":[20],"stock":[21],"crashes":[22],"during":[23,60,97,167],"2006\u20132016":[24],"to":[25,88,146,179,193],"investigate":[26],"how":[27],"different":[28,215],"investor":[29,212,216],"sentiment":[30],"affects":[31],"IPO":[32],"first-day":[33,69,84,112,125],"flipping.":[34],"The":[35,93],"empirical":[36],"results":[37],"show":[38],"that":[39,137,157],"the":[40,91,115,118,129,132,149,158,160,163,172,175,182,185,203],"expected":[41],"returns":[42,59],"of":[43,57,105,131,205],"allocated":[44,51,99,176],"investors":[45,52,100,177],"are":[46,178],"affected":[47],"by":[48],"sentiment,":[49],"with":[50],"having":[53],"higher":[54,72,195],"psychological":[55,103],"expectations":[56,104],"future":[58,106,183],"an":[61,155,191],"optimistic":[62,133],"bull":[63,134],"their":[66,108,138],"optimism":[67],"discouraging":[68],"flipping,":[70,113,126],"while":[71],"risk-free":[73,119],"interest":[74],"rate":[75,120],"levels":[76],"rising":[78],"broad":[79,164,186],"indices":[81],"also":[82,123,153],"discourage":[83],"flipping":[85],"tend":[87,145],"sell":[89,147,180],"in":[90,117,162,181,190],"future.":[92],"pessimistic":[94,169],"bear":[95,170],"which":[98,127],"have":[101],"lower":[102],"returns,":[107],"pessimism":[109],"will":[110,122],"promote":[111,124],"increase":[116],"level":[121],"is":[128],"opposite":[130],"market,":[135,171],"indicating":[136],"risk":[139],"aversion":[140],"has":[141],"increased":[142],"they":[144],"same":[150],"day.":[151],"We":[152],"found":[154],"anomaly":[156],"greater":[159],"decline":[161],"index":[166,188,209],"a":[168],"more":[173],"inclined":[174],"when":[184],"rises":[189],"attempt":[192],"gain":[194],"returns.":[196],"These":[197],"findings":[198],"help":[199],"explain":[200],"understand":[202],"impact":[204],"fluctuations":[210],"behavior":[213],"under":[214],"sentiments.":[217]},"counts_by_year":[{"year":2026,"cited_by_count":4},{"year":2025,"cited_by_count":5},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":5}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2022-08-29T00:00:00"}