This study examines the impact of the heuristic representation on IPO anomaly in the context of an emerging market from January 2006 to December 2016. Models consist of multiple regression has been evaluated. Our results show: firstly, the distribution of initial return, oversubscription ratio, firm age, offer period, firm size, heuristic representation, and flipping activity are positively skewed; Secondly, the oversubscription ratio has a positive relationship with flipping activity. This is because higher demand makes investors flip more to liquidate the IPO on the first trading day. In contrast, firm size has a negative relationship with flipping activity. A larger IPO firm is more stable in terms of performance, and less risky in terms of business operation; Thirdly, heuristic representation influences the relationship between oversubscription ratio and flipping activity; Lastly, this study dispels the notion that investors are active in subsequent trading but not necessarily obtain a profit from the liquidation. This study extends earlier work by examining the interaction effect of heuristic representation to the flipping activity in an emerging market.

中文翻译：

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启发式表示对首次公开发行股票异常的交互作用：翻转活动的证据

本研究考察了2006年1月至2016年12月新兴市场背景下启发式表示对IPO异常的影响。已对包含多元回归的模型进行了评估。我们的结果表明：首先，初始收益，超额认购比率，公司年龄，要约期，公司规模，启发式代表和翻转活动的分布是正向的；其次，超额认购比例与翻转活动呈正相关。这是因为更高的需求使投资者在首个交易日进行更多的清算工作。相反，公司规模与翻转活动负相关。较大的IPO公司在绩效方面更稳定，在业务运营方面风险较小；第三，启发式表示影响超额认购率与翻转活动之间的关系；最后，本研究消除了投资者活跃于后续交易但不一定从清算中获利的观点。这项研究通过研究启发式表示与新兴市场翻转活动之间的相互作用，扩展了早期的工作。