IPO pricing: Do institutional and retail investor sentiments differ?
2016
Gao, Shenghao | Meng, Qingbin | Chan, Kam C.
We study the impact of institutional and retail investor sentiments on first day and long-term IPO return using a sample of Chinese IPOs. The mandatory disclosure of institutional investor bidding information in the book-building process allows us to directly separate institutional investor sentiment from those of retail investors’. Our findings suggest: (1) both institutional and retail investor sentiments are positively correlated with the first day IPO return; and (2) only retail investor sentiment is negatively correlated with long-term IPO performance.
Mostrar más [+] Menos [-]Palabras clave de AGROVOC
Información bibliográfica
Este registro bibliográfico ha sido proporcionado por National Agricultural Library