Private Information, Investor Sentiment, and IPO Pricing: Which Institutional Investors Are Better Informed?

被引：11
|
作者：
Funaoka, Kenta [1 ]
Nishimura, Yusaku [2 ]
机构：
[1] Kyushu Sangyo Univ, Fac Commerce, Fukuoka, Fukuoka, Japan
[2] Univ Int Business & Econ, Inst Int Econ, Beijing, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2019年 / 55卷 / 08期
基金：
日本学术振兴会;
关键词：
Chinese emerging markets; initial public offerings; initial return; investor sentiment; private information; INITIAL PUBLIC OFFERINGS; PARTIAL ADJUSTMENT; MARKET; RETURNS; PERFORMANCE; REPUTATION; MOMENTUM; AUCTIONS; PRICES; IMPACT;
D O I：
10.1080/1540496X.2018.1484355
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
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页码：1722 / 1736
页数：15
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