新股是指面向社会公众首次公开发行和再次发行的股票,其长期表现是指新股发行后较长时期内市场价格的表现。新股长期表现是行为金融学与有效市场假说的争论热点问题,对它的研究主要集中在检验新股长期表现是否异常即存在长期超额收益和解释长期超额收益存在的原因。一、新股发? IPO refers to the public for the first time public offering and re-issue of shares, its long-term performance refers to the IPO after the issuance of a longer period of market price performance. The long-term performance of new shares is a hot topic in the debate about behavioral finance and effective market hypothesis. Its research focuses on the long-term excess returns of new stocks and the explanation of long-term excess returns. First, the new hair?