ผลกระทบของความรู้สึกจากเนื้อหาข่าวต่อผลตอบแทนวันแรกของหลักทรัพย์ที่เสนอขายต่อสาธารณชนเป็นครั้งแรกในตลาดหลักทรัพย์แห่งประเทศไทย

Abstract

The phenomenon of high returns on the first day of an initial public offering (IPO) has attracted continuous interest from financial researchers. In this study, researchers examined news coverage of IPOs through print media, which plays a crucial role in providing information to investors. The news analyzed in the study covered the period from filing to one day before the first day of trading. The focus of the study was to examine the sentiment expressed in the news content, specifically categorizing it into two types: positive sentiment and negative sentiment. Additionally, the researchers studied the quantity of news, including the news space, the number of newspapers, and the number of articles. The analysis using regression equations did not find a significant relationship between the news space, the number of articles, the number of newspapers, and the sentiment direction presented in the news related to IPOs and the first-day returns of the IPOs. However, the study did find that the duration of the filing period had a positive effect on the positive sentiment expressed in the news, which in turn led to higher first-day returns of the IPOs. This suggests that news with a positive direction instills investor confidence in the investment opportunities of IPOs, resulting in an increase in the stock prices on the first day of trading. Overall, this research supports the notion that the direction of news has an impact on the first-day returns of IPOs, indicating that news sentiment influences investor behavior and market performance.