Paper Title
The Impacts of Investor Sentiment and Geographical Locations on IPO Under Pricing

Abstract
This study examines the impacts of the Google search volume and geographic locations of IPO firms on the degree of their underpricing. The results show that abnormal search volume index (ASVI) is positively associated with IPO underpricing, implying that stocks receiving attention by retail investors are prone to be bid high on the IPO first day due to strong investor sentiment. Firms in urban and city areas have higher IPO first-day returns than those in rural areas, revealing that the former tend to provide relatively low offer prices or are more information asymmetric. ASVI and location generate an interactive effect, in which high-ASVI firms in urban areas have serious IPO underpricing. This finding suggests that urban firms tend to provide relatively low offer prices, in that high-ASVI stocks are less likely to be information asymmetric. Keywords - Initial Public Offerings (IPOs), Under Pricing, Search Volume Index (SVI), Geographical Locations