Variable

Variable declaration

Variable identifier

Dependent variable

The stock index returns

The weekly closing prices of CSI 500 index to calculate

ZY

Explanatory variable

Total funds raised

The ratio of weekly the IPO financing amount to the negotiable market cap

TFR

Control variable

Leading macro-economic boomimg index

The weekly growth rate of leading macro-economic boomimg index

LMBI

Net currency supply

The growth rate of the people’s bank of China net currency supply peer week

NCS

Foreign exchange reserves increment

The growth rate of the foreign exchange reserves increment peer week

FERI

Market turnover

The market turnover of the stock market peer week

MTO

Dummy Variable

CSI 500 index yield sign

when the ZY > 0 the DUM equal 1, other than the DUM equal 0

DUM