The initial public offering under-pricing is the phenomenon that the closed price is higher than the issuing price in the first day when a company is listed in the stock market.

the empirical study shows that to the variety of closed-end funds discount is positive correlation to the variety of future fund price return.

研究封闭式基金折价与基金未来收益之间的动态关系，并用GARCH（1，1）模型分析基金折价与基金未来收益波动性之间的关系。

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ipo ( initial public offerings) underpricing refers to the phenomenon that the issue price is lower than the first-day market closing price, which brings the positive initial returns.

IPO折价是指股票的发行价格低于上市首日价格，从而产生正的初始回报的现象。

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lns model documents that ipo discount is the result of underwriters trying to extract the surplus from over-optimistic individual investors and maximize their proceeds.

LNS模型认为，IPO折价是承销商试图从狂热的投资者那里攫取剩余而使发行收入（proceeds）最大化的结果。

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therefore, on the basis of the positive signal, the capital market gives the company a higher share price. so the ipo discount rate is low.

因此，资本市场会基于该正面信号给予公司较高的股价，从而其IPO折价率较低。

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the mean-reversion character of discount;

基金价格和NAV存在协整关系，即基金折价遵循均值回复过程；

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thus, the joint participation by both informed and uninformed investors in underpriced ipos makes the demand for underpriced ipos high, and allocation rate low.

这样，由于知情投资者和未知情投资者共同参与折价IPO，这使得对折价IPO的需求高，从而中签率低。

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a lot of empirical studies indicate that ipo underpricing is an extended and universal phenomenon in the stock markets of different countries all around the world.

大量实证研究表明，IPO折价是世界各国证券市场中长期、普遍存在的一种现象。

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based on this, this paper puts forward the idea of realizing the rational regression of the higher ipo discount ratio of our country.

鉴于此，提出了实现我国IPO高折价率理性回归的思路。

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the discount of ipo in the stock exchanges has aroused the wide attention of the academic circles and formed a series of theoretical explanations.

股票市场中IPO折价现象已引起学术界的广泛关注，并形成了一系列的理论解释。

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it was announced in april as a$ 1 billion deal, which would have valued facebook shares at$ 30.43.

四月份，Facebook宣布以10亿美元价格收购Instagram，因此当时Facebook股票每股折价应该是30.43美元。

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models about the pricing of ipos are given when the investors have no idea about the true value of the project.

本文研究了该假设下，如果投资者自始至终无法知道项目的真实价值，而只能根据发行份额和折价程度来判断项目的真实情况时的IPO定价问题。

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we attempt to shed light on this issue by examining some classical models of ipo underpricing for the chinese market.

本文试图通过在中国证券市场检验IPO折价的一些经典模型来弄清楚这个问题。

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ipo discount of state-owned enterprises: interpretation based on the theory of policy signaling

国有企业IPO发行折价：基于政策信号理论的解释

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the quantitative estimate of underpricing of ipo in china and the empirical research of relative variables

我国IPO折价的定量估计及其相关影响因素的实证研究

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how to treat the discount of ipo ( initial public offerings) in china

如何看待中国的IPO折价现象

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the explanation of ipo discount in behavioral finance

IPO折价现象的行为金融学解释

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comparison of traditional financial science and conduct financial science with ipo underpricing explanation

传统金融学与行为金融学对IPO折价解释的比较研究

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disclosure, ipo underpricing and the cost of capital

信息披露、IPO折价与资本成本

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ipo underpricing 、 adverse selection and separating equilibrium hypothesis

IPO折价、逆向选择与分离均衡假说

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The third part is the character that one party gains human capital in duration of marriage.

第三部分，婚姻关系存续期间一方所取得的人力资本的性质。

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