This paper is studying the connection between the investor sentiment and IPO under-pricing rate.

本文主要是从二级市场投资者情绪的角度来研究IPO折价问题。

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The research reflects that the reasons of under-pricing are imperfective security market and the poor management and ownership structure of banking industry.

研究认为，抑价产生的原因在于我国证券市场尚不完善，银行的管理及股权结构欠佳等。

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Actually, IPO under-pricing also remains a practical problem that plagues market supervisors, frequent issue regulation change may be a good evidence for this.

事实上，IPO抑价也是一直困扰市场监管者的一个实际课题，频繁的发行制度变迁足以说明这一点。

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Their competition will nip at them constantly, under-pricing their products and cutting their margins.

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Yet markets could be dramatically under-pricing risk, particularly if the Italian populace is forced to return to the polls.

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Regulators are aware that bank stockholders have an overriding desire to take more risk than is good for society because chronic under-pricing of government guarantees makes it profitable for banks to seek risky assets and lever them as much as possible.

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