The Role of the Media in the Internet IPO Bubble

被引：110

作者：

Bhattacharya, Utpal ^{[1
]}

Galpin, Neal ^{[2
]}

Ray, Rina ^{[3
]}

Yu, Xiaoyun ^{[1
]}

机构：

[1] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA

[2] Texas A&M Univ, Mays Business Sch, College Stn, TX 77845 USA

[3] Norwegian Sch Econ & Business Adm, N-5045 Bergen, Norway

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2009年 / 44卷 / 03期

关键词：

STOCK-PRICES; MARKET; INFORMATION; NEWS; EQUILIBRIUM; IMPACT; RISK; TIME;

D O I：

10.1017/S0022109009990056

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We read all news items that came out between 1996 and 2000 on 458 Internet initial public offerings (IPOs) and a matching sample of 458 non-Internet IPOs (a total of 171,488 news items) and classify each news item as good news, neutral news, or bad news.We first document that the media were more positive for Internet IPOs in the period of the dramatic rise in share prices and more negative for Internet IPOs in the period of the dramatic fall in share prices. We then document that media hype is unable to explain the Internet bubble: A 1,646% difference exists in returns between Internet stocks and non-Internet stocks from January 1, 1997, through March 24, 2000 (the market peak), and the media can explain only 2.9% of that.

引用

页码：657 / 682

页数：26

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