Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Janet Smith

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© 2020 Vikramaditya Jhunjhunwala


I examine how changes in retail investor sentiment affect initial public offerings (IPOs) over time. My empirical model makes use of a novel proxy for retail investor sentiment, defined by a bull- bear spread generated through analyzing the frequency of selected search queries on Google Search. Contrary to investor sentiment-based IPO timing theory, I hypothesize that optimistic investor sentiments are not positively related to periods of high IPO activity. Alternatively, I find venture capital deal volume and stock market performance to be significant positively related predictors of IPO volume.

This thesis is restricted to the Claremont Colleges current faculty, students, and staff.