Learning to be fail? Evidence from frequent bidders in Taiwan IPO auctions

摘要：

By tracking bidding histories of 31,376 individual investors and 1,232 institutional investors across all the 84 IPO auctions during 1995-2000 in Taiwan, we examine whether and how bidding experience affect investors decision to participate in an auction and their initial returns. We find two striking patterns for individual bidders: (1) bidder returns steadily decrease as they participate in more auctions; (2) they are more likely to participate in the next auction if they had success in previous auctions. We interpret the results as consistent with self-attribution bias leading individual bidders to become overconfident when they receive higher returns from previous auctions. In contrast, institutions seem less susceptible to self-attribution bias.

关键词： IPO auction investor behavior learning self-attribution overconfidence hubris frequent bidders

作者: Yao-Min Chiang David Hirshleifer Yiming Qian Ann E. Sherman

作者单位: Department of Finance,National Chengchi University NO.64,Sec.2,ZhiNan Rd.,Wenshan District,Taipei Ci The Paul Merage School of Business,University of California,Irvine Irvine,CA 92697-3125,USA Department of Finance,University of Iowa S382 Pappajohn Business Building,21 E.Market Street Iowa Ci Department of Finance,University of Notre Dame Notre Dame,IN 46556,USA

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: 1-33

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）