Investor awareness or information asymmetry? Wikipedia and IPO underpricing
研究维基百科文章对IPO抑价的影响，发现投资者关注理论比信息不对称理论更能解释现象，有维基百科的IPO公司抑价更高，且长期吸引更多分析师和机构投资者。
Abstract We use the presence of a Wikipedia article for initial public offering (IPO) firms to test theories of information asymmetry and investor awareness. Although we find limited support for the former, our results provide strong support for theories of investor awareness. Specifically, IPO firms with a Wikipedia article exhibit significantly higher underpricing and offer price revisions than do IPO firms without a Wikipedia article. Investor awareness has positive long‐term effects, including greater analyst following and institutional ownership for up to 3 years after the offering. The effect is robust to firm‐specific Google search volume, news coverage, retail trading intensity, social media activity, propensity score matching, and an instrumental variable approach.