| dc.contributor | 財管系 | en_US |
| dc.creator (作者) | 姜堯民 | zh_TW |
| dc.creator (作者) | Chiang,Yao-Min ;Qian,Yiming ;Sherman,Ann E. | - |
| dc.date (日期) | 2010.03 | en_US |
| dc.date.accessioned | 11-Nov-2013 09:37:00 (UTC+8) | - |
| dc.date.available | 11-Nov-2013 09:37:00 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-Nov-2013 09:37:00 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/61549 | - |
| dc.description.abstract (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. | en_US |
| dc.format.extent | 191415 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.language.iso | en_US | - |
| dc.relation (關聯) | Review of Financial Studies, 23(3), 1200-1230 | en_US |
| dc.subject (關鍵詞) | IPO;auction;institutional investor;individual investor;informed investor;IPO method;underwriter favoritism;underpricing;endogenous entry;partial adjustment;return chasing | en_US |
| dc.title (題名) | Endogenous entry and partial adjustment in IPO auctions: Are institutional investors better informed? | en_US |
| dc.type (資料類型) | article | en |
| dc.identifier.doi (DOI) | 10.1093/rfs/hhp066 | en_US |
| dc.doi.uri (DOI) | http://dx.doi.org/10.1093/rfs/hhp066 | en_US |
