政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/61648

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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/61648

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題名:	Do Investors Learn from Experience? Evidence from Frequent IPO Investors
作者:	姜堯民 Chiang, Yao-Min;Hirshleifer, David;Qian, Yiming;Sherman, Ann E.
貢獻者:	財管系
關鍵詞:	IPO;auction;investor behavior;learning;reinforcement learning;institutional investor;individual investor;experience
日期:	2011.05
上傳時間:	2013-11-12 17:18:54 (UTC+8)
摘要:	We examine how experience affects the decisions of individual investors and institutions in IPO auctions to bid in subsequent auctions, and their bidding returns. We track bidding histories for all 31,476 individual investors and 1,232 institutional investors across all 84 IPO auctions during the period from 1995 to 2000 in Taiwan. For individual bidders, (1) high returns in previous IPO auctions increase the likelihood of participating in future auctions;(2) bidders’ returns decrease as they participate in more auctions; (3) auction selection ability deteriorates with experience; and (4) those with greater experience bid more aggressively. These findings are consistent with na¨ıve reinforcement learning wherein individuals become unduly optimistic after receiving good returns. In sharp contrast, there is little sign that institutional investors exhibit such behavior.
關聯:	Review of Financial Studies, 24(5), 1560-1589
資料類型:	article
DOI 連結:	http://dx.doi.org/10.1093/rfs/hhq151
DOI:	10.1093/rfs/hhq151
顯示於類別:	[財務管理學系] 期刊論文

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