[求助] the changing risk composition hypothesis的理论具体是指什么东西啊？

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关键词：composition HYPOTHESIS Changing position thesis 理论 Risk HYPOTHESIS composition Changing

The changing risk composition hypothesis, introduced by Ritter (1984), assumes that riskier IPOs will be underpriced by more than less-risky IPOs. This prediction follows from models where underpricing arises as an equilibrium condition to induce investors to participate in the IPO market. If the proportion of IPOs that represent risky stocks increases, there should be greater average underpricing. Risk can reflect either technological or valuation uncertainty. Although there have been some changes in the characteristics of firms going public, these changes are found to be too minor to explain much of the variation in underpricing over time if there is a stationary risk-return relation.

可以理解为：改变风险复合假设，由Ritter在1984年提出，提出有风险的IPO会被迫降低发行价与风险更小的IPO竞争。这个预测从低价竞争作为均衡条件吸引投资者参与IPO市场的模型而来。如果代表风险的股票IPO增加，就应有更大的平均低价竞争。风险可以反映技术或定价的不确定性。虽然准备IPO的公司特质有些改变，这些改变微不足道，不足以解释低价竞争中的多样性，如果存在一个固定的风险回报率的话。