Retail Investor Attention and IPO Valuation
研究发现，在IPO定价前，散户投资者关注度（以谷歌搜索量衡量）越高，初始估值也越高，且该结果在控制机构需求后依然稳健。
Abstract Given restrictions placed on communication with prospective investors, retail investor attention can help firms/underwriters with the task of initially valuing an IPO. Using Google search volume to proxy for retail investor attention, we find that the presence of and an increase in retail attention following initial filing but prior to initial pricing are positively related to initial valuations. Our results are robust to alternative matching methods to identify our matched sample of non‐IPO firms and to including several controls for institutional demand. We conclude that retail investor attention plays a critical role in the early stages of IPO valuation.