Prospectus, Investor Attention and Stock Performance of the First Listed Companies on the Beijing Stock Exchange
Han Chen, Yi Wei, Shiyue Xu · Advances in economics, business and management research/Advances in Economics, Business and Management Research · 2022
Beijing Stock Exchange is China's first corporate stock exchange established with the approval of the State Council incorporated on September 3, 2021.In this paper, we studied the first 74 listed companies on the Beijing Stock Exchange on November 15, 2021 and constructed relevant textual indicators from the dimensions of prospectus and investor attention.We found that the value figures in the prospectus showed a significant positive correlation with the rise and fall of listed companies on the early days, and there is a significant negative correlation between daily stock attention and stock price.In addition, whether a company is listed in stock market for the first time has a significant positive correlation with stock price fluctuations.At the same time, it can be seen from the text linear discriminant analysis that most of the stocks that rose on the first day belonged to the software and pharmaceutical high-tech industries, and they were more inclined to disclose their own risks, employees and other basic information of the company in the prospectus.However, most of the stocks that fell on the first day belong to the image and material industries, and their financial situation is more disclosed in the prospectus.