The anchoring effect of underwriters' proposed price ranges on institutional investors' bid prices in IPO auctions: Evidence from China
The anchoring effect of underwriters' proposed price ranges on institutional investors' bid prices in IPO auctions: Evidence from China
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承销商提议的价格范围对机构投资者在IPO拍卖中投标价格的锚定效应：来自中国的证据
DOI：
10.1016/j.iref.2018.08.013
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发表时间：
2018
影响因子：
4.5
通讯作者：
Robert Fok
中科院分区：
文献类型：
--
作者：
高升好;曹丰;Robert Fok
本文研究了在IPO拍卖过程中，承销商的建议价格区间对机构投资者投标价格的锚定效应。我们发现，投资者投标价格的分布在承销商建议价格区间的两个端点（参考点）附近都呈现出急剧的峰值，并且投资者投标价格随着参考点与预期IPO发行价之间的差异而增加。我们的发现经得起一系列的检验。此外，最终IPO发行价与差异呈正相关，后市场业绩与差异呈负相关。研究结果表明，机构投资者在参与IPO竞价时锚定在承销商建议的价格区间上，这种锚定效应对IPO定价具有财富效应。
We examine the anchoring effect of underwriters' proposed price ranges on institutional investors' bid prices during IPO auctions. We find that the distribution of investor bid prices exhibits sharp spikes around both endpoints (the reference points) of underwriters' proposed price ranges and that investor bid prices increase with the disparity between the reference points and the expected IPO offer price. Our findings are robust to a battery of checks. In addition, the final IPO offer price is positively and the aftermarket performance is negatively associated with the disparity, respectively. Our findings suggest that institutional investors anchor on underwriters' proposed price ranges when bidding in IPO auctions and this anchoring effect has wealth effect on IPO pricing.