政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/61549
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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/61549


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    题名: Endogenous entry and partial adjustment in IPO auctions: Are institutional investors better informed?
    作者: 姜堯民
    Chiang,Yao-Min;Qian,Yiming;Sherman,Ann E.
    贡献者: 財管系
    关键词: IPO;auction;institutional investor;individual investor;informed investor;IPO method;underwriter favoritism;underpricing;endogenous entry;partial adjustment;return chasing
    日期: 2010.03
    上传时间: 2013-11-11 09:37:00 (UTC+8)
    摘要: Using a unique dataset of complete bid information for every IPO auction in Taiwan during 1995-2000, we examine the behaviors and returns of two groups – institutional and retail investors – in a setting in which underwriters do not have pricing or allocation discretion. IPO auction theory with endogenous entry predicts that returns should be higher when more informed investors enter or bid higher prices. We find that institutional investor bidding patterns are generally consistent with the predictions of auction theory for informed bidders, while individual investor bidding patterns are not. Individual auction entry decisions are significantly influenced by the returns on recent past IPO auctions, and the unexpected entry of more individual investors or high bids placed by those investors lead to lower expected returns.
    關聯: Review of Financial Studies, 23(3), 1200-1230
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1093/rfs/hhp066
    DOI: 10.1093/rfs/hhp066
    显示于类别:[財務管理學系] 期刊論文

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