Abstract
Based on media coverage of the COVID-19 epidemic during 2020–2022, we construct media sentiment indicators to investigate their impact on IPO underpricing in China. We find that positive (negative) COVID-19 media sentiment significantly decreases (increases) IPO underpricing, and negative sentiment has a greater effect. In addition, the results indicate that COVID-19 media sentiment has significant effects on the IPO underpricing of private firms but not on that of state-owned enterprises.
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