Returns to sentiment investors in IPOs

被引：5

作者：

Leite, T ^{[1
]}

机构：

[1] Norwegian Sch Econ & Business Adm, Dept Finance, N-5045 Bergen, Norway

来源：

ECONOMICS LETTERS | 2005年 / 89卷 / 02期

关键词：

sentiment investors; IPOs; winner's curse;

D O I：

10.1016/j.econlet.2005.05.031

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

It is shown that the presence of sentiment investors in IPOs reduces the winner's curse problem, and further that the expected excess return to sentiment investors may be positive or negative, depending on parameter values. The possibility of a positive expected return suggests a rational basis for the presence of sentiment investors in IPOs. (c) 2005 Elsevier B.V. All rights reserved.

引用

页码：222 / 226

页数：5

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