ENTREPRENEURIAL OPTIMISM AND THE MARKET FOR NEW ISSUES
分析了创业者的乐观情绪如何影响新股发行市场，发现乐观主义是解释新股折价或溢价发行的自然原因，并探讨了乐观对创业者股权持有和投资者福利的影响。
This article analyzes the impact of entrepreneurial optimism on the market for new issues. We find that the existence of optimists generates a new reason for entrepreneurs to own equity in their firms. We show that optimism is a natural explanation for why some new issues are underpriced and others overpriced. We also show that the impact of optimism on entrepreneurs' equity holdings depends on the number of optimists, absolute risk aversion, and cash flow variance. Optimism makes entrepreneurs worse off. In contrast, optimism can make outside investors better off when entrepreneurs signal firm value by retaining shares and underpricing.