The time-making ability of the underwriter shows mainly in the relatively medium horizon and has nothing with IPO underpricing in the short period.

• 承销商和发行人的发行择时能力主要体现在相对适中的时间间隔范围内(10个交易日和15个交易日),同时,短期内大盘走势(5个交易日)与新股发行抑价并没有显著关系。