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Media Exposure or Media Hype: Evidence from Initial Public Offering Stocks in Taiwan

It is frequently observed that the price at which a firm's stock is listed for its initial public offering (IPO) is considerably less than the price at which it trades at the end of its first day of trading, a phenomenon known as underpricing. This article examines how media-provided information affects IPO underpricing and trading turnover. The empirical findings show that the more media coverage a firm receives over a substantial period of time prior to its IPO, the smaller the degree to which its stock is underpriced. However, more media coverage immediately prior to the IPO date increases the degree of underpricing. It is also shown that the tenor of media coverage affects the relations between the volume of near-term, pre-IPO information provided by media and both underpricing and trading turnover.