Do investors prefer round stock prices? Evidence from Israeli IPO auctions

被引：45
|
作者：
Kandel, S
Sarig, O [1 ]
Wohl, A
机构：
[1] Univ Penn, Wharton Sch, Philadelphia, PA 19104 USA
[2] Tel Aviv Univ, Fac Management, IL-69978 Tel Aviv, Israel
[3] IDC, Arison Sch Business, Herzlia, Israel
来源：
JOURNAL OF BANKING & FINANCE | 2001年 / 25卷 / 08期
关键词：
price clustering; round numbers; IPO; auctions;
D O I：
10.1016/S0378-4266(00)00131-X
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We find round number clustering in orders submitted by investors in Israeli IPO auctions. Explanations offered for price clustering, such as dealer collusion or implicit agreement to simplify negotiations, cannot explain price clustering in this market. Therefore. this is direct evidence that investors prefer round numbers. (C) 2001 Elsevier Science B.V. All rights reserved.
引用
收藏
页码：1543 / 1551
页数：9
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