What Drives Demand For IPOs: Information or Sentiment?

摘要：

We study the determinants of investors demand for IPO by looking at their activities in purchasing IPO in the start trading day. We find that both of information and sentiment can affect the investors demand for IPO in the first trading day. Moreover, those informed investors, whose demand are driven by information, are not influence by the sentiment which is defined as the belief about the stock value that can not justified by the fundamentals. In contrast, the sentiment does affect the uninformed investors decision in picking up IPOs. Furthermore, the informed investors identified in our paper have larger wealth and trade size.

作者: Shiyang Huang Jiang Wang Zhishu Yang

作者单位: School of Economics and Management Tsinghua University Beijing,100084,P.R.China Sloan School of Management Massachusetts Institute of Technology 50 Menorial Drive,Cambridge,MA 0214

会议类型: 国际会议

会议名称: 2008年中国金融国际年会

会议地点: 大连

会议语种:英文

页码: 1-36

在线出版日期: 2008-07-02（万方平台首次上网日期，不代表论文的发表时间）