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題名 IPO Auctions and Private nformation
作者 劉玉珍
Lin, Ji-Chai ; Lee, Yi-Tsung ; Liu, Yu-Jane
關鍵詞 IPOs;Competitive bidding;Institutional investors;Private information
日期 2007-05
上傳時間 5-十一月-2008 16:50:47 (UTC+8)
摘要 IPO auctions, which provide an impartial way of determining IPO pricing and share allocations, offer a natural setting for examining whether institutional investors possess private information, and for measuring how valuable their information is. Analyzing detailed bidding data from Taiwan’s discriminatory (pay-as-bid) auctions, we find that, relative to retail investors, institutional investors tend to bid higher in auctions when IPO shares are more valuable, and that underpricing is larger in auctions with relatively higher institutional bids. These results imply that institutional investors are better informed about IPO value, and that they obtain higher information rents when they bid higher relative to retail investors. We estimate the value of institutional investors’ private information to be worth about 8.68% of return, which is the extra rate of return they command on their informational advantages over retail investors.
關聯 Journal of Banking and Finance, 31(5), 1483-1500
資料類型 article
DOI http://dx.doi.org/10.1016/j.jbankfin.2006.09.004
dc.creator (作者) 劉玉珍zh_TW
dc.creator (作者) Lin, Ji-Chai ; Lee, Yi-Tsung ; Liu, Yu-Jane-
dc.date (日期) 2007-05en_US
dc.date.accessioned 5-十一月-2008 16:50:47 (UTC+8)-
dc.date.available 5-十一月-2008 16:50:47 (UTC+8)-
dc.date.issued (上傳時間) 5-十一月-2008 16:50:47 (UTC+8)-
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/6080-
dc.description.abstract (摘要) IPO auctions, which provide an impartial way of determining IPO pricing and share allocations, offer a natural setting for examining whether institutional investors possess private information, and for measuring how valuable their information is. Analyzing detailed bidding data from Taiwan’s discriminatory (pay-as-bid) auctions, we find that, relative to retail investors, institutional investors tend to bid higher in auctions when IPO shares are more valuable, and that underpricing is larger in auctions with relatively higher institutional bids. These results imply that institutional investors are better informed about IPO value, and that they obtain higher information rents when they bid higher relative to retail investors. We estimate the value of institutional investors’ private information to be worth about 8.68% of return, which is the extra rate of return they command on their informational advantages over retail investors.-
dc.format application/en_US
dc.language enen_US
dc.language en-USen_US
dc.language.iso en_US-
dc.relation (關聯) Journal of Banking and Finance, 31(5), 1483-1500en_US
dc.subject (關鍵詞) IPOs;Competitive bidding;Institutional investors;Private information-
dc.title (題名) IPO Auctions and Private nformationen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.jbankfin.2006.09.004en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.jbankfin.2006.09.004en_US