Noise from online discussion forums: Evidence from IPOs in China

In this study, we use initial public offerings (IPOs) in China to investigate how online stock forums influence information asymmetry and IPO valuation. The empirical analysis isolates the underpricing overvaluation components of returns. number forum comments, postings, readings are positively associated with returns degree underpricing, implying that create noise exacerbates during IPOs. This effect is amplified by quiet period regulation, which drives investors rely on discussion obtain information. Through sentiment analyses posts media coverage, find negative more prominent when bad news prevails. We clarify role pricing separating from