واگرایی نظرات و اثر تعدیلی توجه و مشارکت سرمایهگذاران به بازار عرضه اولیه سهام
محورهای موضوعی : دانش مالی تحلیل اوراق بهادارنفیسه تقی زاده 1 , محسن حمیدیان 2 , نوروز نوراله زاده 3
1 - دانشجوی دکتری حسابداری، دانشگاه آزاد اسلامی واحد تهران جنوب پردیس بین‌الملل کیش
2 - استادیار، حسابداری، دانشکده اقتصاد و حسابداری دانشگاه آزاد اسلامی واحد تهران جنوب، تهران، ایران
3 - استادیار، حسابداری، دانشکده اقتصاد و حسابداری دانشگاه آزاد اسلامی واحد تهران جنوب، تهران، ایران.
کلید واژه: واگرایی نظرات, توجه و مشارکت سرمایهگذاران, عرضه عمومی اولیه,
چکیده مقاله :
در پژوهش حاضر به بررسی اثر تعدیلی توجه و مشارکت سرمایه گذاران بر رابطه بین بازده اولیه و واگرایی نظرات سرمایه گذاران شرکت‌های دارای عرضه عمومی اولیه پرداخته شد که برای این منظور تعداد 124 شرکت دارای عرضه اولیه عمومی در دوره زمانی بین سال‌های 1385 الی 1396 مورد تجزیه و تحلیل قرار گرفتند. پژوهش حاضر از نظر هدف کاربردی و از نظر روش گردآوری داده‌ها در گروه پژوهش‌های توصیفی- پس رویدادی قرار دارد که برای بررسی فرضیه‌ها از نرم‌افزار Eviews8 بهره گرفته شد. نتایج به‌دست آمده در این مطالعه نشان می دهد در مجموع توجه سرمایهگذاران دارای اثر منفی و معناداری بر رابطه بین بازده اولیه سهام و تفاوت دیدگاه‌های سرمایهگذاران دارای عرضه اولیه عمومی سهام می‌باشد و هم چنین، مشارکت سرمایهگذاران خرد دارای اثر مثبت و معناداری بر رابطه بین بازده اولیه و تفاوت دیدگاه‌های سرمایهگذاران دارای عرضه اولیه عمومی می‌باشد.
The main purpose of this study is to investigate moderating effect of investor's attention and investor's participation on the relationship between initial returns and divergence of investor's opinion in companies with initial public offering. The total of 124 IPO companies during 2006 to 2018 at Tehran Stock Exchange was analyzed. This is an applied research in terms of purpose and descriptive-post-event research regarding data collecting method. The research hypotheses are examined using Eviews8 software. The findings indicate investors' attention has a negative and significant effect on the relationship between initial returns and divergence of IPO investor’s opinions. Moreover, the micro investor's participation has a positive and significant effect on the relationship between initial returns and the divergence of IPO investor's opinions. The finding is consistent with the view that the level of individual investors’ participation has an implication on behavioral bias, which affects divergence of investor's opinion in the after-market.
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