IPO pricing: Do institutional and retail investor sentiments differ?

被引：20

作者：

Gao, Shenghao ^{[1
]}

Meng, Qingbin ^{[2
]}

Chan, Kam C. ^{[3
]}

机构：

[1] Beijing Jiaotong Univ, Sch Econ & Management, Beijing 100044, Peoples R China

[2] Renmin Univ China, Sch Business, Beijing 100872, Peoples R China

[3] Western Kentucky Univ, Dept Finance, Bowling Green, KY 42101 USA

来源：

ECONOMICS LETTERS | 2016年 / 148卷

基金：

美国国家科学基金会;

关键词：

Earnings management; IPO; China;

D O I：

10.1016/j.econlet.2016.09.029

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the impact of institutional and retail investor sentiments on first day and long-term IPO return using a sample of Chinese IPOs. The mandatory disclosure of institutional investor bidding information in the book-building process allows us to directly separate institutional investor sentiment from those of retail investors'. Our findings suggest: (1) both institutional and retail investor sentiments are positively correlated with the first day IPO return; and (2) only retail investor sentiment is negatively correlated with long-term IPO performance. (C) 2016 Elsevier B.V. All rights reserved.

引用

页码：115 / 117

页数：3

共 8 条

[1]

BEATTY RP, 1989, ACCOUNT REV, V64, P693

[2] On the marketing of IPOs [J].

Cook, Douglas O. ;

Kieschnick, Robert ;

Van Ness, Robert A. .

JOURNAL OF FINANCIAL ECONOMICS, 2006, 82 (01) :35-61

[3] IPO pricing in "hot" market conditions: Who leaves money on the table? [J].

Derrien, F .

JOURNAL OF FINANCE, 2005, 60 (01) :487-521

[4] Hot markets, investor sentiment, and IPO pricing [J].

Ljungqvist, Alexander ;

Nanda, Vikram ;

Singh, Rajdeep .

JOURNAL OF BUSINESS, 2006, 79 (04) :1667-1702

[5] IPO allocations: discriminatory or discretionary? [J].

Ljungqvist, AP ;

Wilhelm, WJ .

JOURNAL OF FINANCIAL ECONOMICS, 2002, 65 (02) :167-201

[6] Informed trading before positive vs. negative earnings surprises [J].

Park, Tae-Jun ;

Lee, Youngjoo ;

Song, Kyojik Roy .

JOURNAL OF BANKING & FINANCE, 2014, 49 :228-241

[7] Are IPOs really underpriced? [J].

Purnanandam, AK ;

Swaminathan, B .

REVIEW OF FINANCIAL STUDIES, 2004, 17 (03) :811-848

[8] SIGNALING AND THE VALUATION OF UNSEASONED NEW ISSUES - A COMMENT [J].

RITTER, JR .

JOURNAL OF FINANCE, 1984, 39 (04) :1231-1237

← 1 →