Private Information, Investor Sentiment, and IPO Pricing: Which Institutional Investors Are Better Informed?
Private Information, Investor Sentiment, and IPO Pricing: Which Institutional Investors Are Better Informed?
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DOI：
10.1080/1540496x.2018.1484355
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发表时间：
2019-06-21
影响因子：
4
通讯作者：
Nishimura, Yusaku
中科院分区：
文献类型：
--
作者：
Funaoka, Kenta;Nishimura, Yusaku
我们提供了新的经验证据，某些机构投资者的私人信息，他们使用的利润从首次公开募股（IPO）。本文通过对中国创业板市场五类机构投资者的投标信息进行分析，考察了私有信息和投资者情绪对IPO首日收益率的影响。研究结果表明，私人信息和机构投资者情绪与初始收益率正相关。对不同机构板块的分析表明，一些证券公司可能利用私人信息从IPO中获利。研究还发现，合格境外机构投资者（QFII）在中国股票市场上可能处于信息劣势。
We provide new empirical evidence that certain institutional investors have private information that they use to profit from initial public offerings (IPOs). In this study, we analyze the bidding information related to five types of institutional investors in China's ChiNext market to examine the impact of private information and investor sentiment on first-day IPO returns. The results show that private information and institutional investor sentiment are positively correlated with initial returns. The analysis of the different institutional sectors shows that some securities companies may profit from IPOs by using private information. It was also found that qualified foreign institutional investors (QFII) may be at an informational disadvantage on the Chinese stock market.