Zhu, Hongjun; Zhang, Cheng; Li, He; Chen, Shimin - In: China journal of accounting research : CJAR 8 (2015) 3, pp. 193-211
Measuring the information environment of firms using analyst (price) forecast bias and forecast dispersion before … initial returns of initial public offerings (IPOs). We find the smaller the analyst forecast bias/dispersion, the lower the … effect market-wide sentiment has on IPO initial returns. This finding indicates that information asymmetry is a basic reason …