Form S-1 is the first SEC filing in the initial public offering (IPO) process. The tone of the S-1, in terms of its definitiveness in characterizing the firm's business strategy and operations, should affect investors' ability to value the IPO. We find that IPOs with high levels of uncertain...

Utilizing the latest research results in the fields of psychology and sociology, this study examines the relationship among fund manager behavior on the Chinese WeChat social media service, IPO discounting, and earnings volatility. Based on the Big Five model, described by Costa and McCrae in...