文章基本信息

标题：Institutional trading in IPOs and post-IPOs: Value-based vs speculative
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作者：Dongmin Kong ; Yuanyuan Shao ; Jing Huang 等
期刊名称：Frontiers of Business Research in China
印刷版ISSN：1673-7326
电子版ISSN：1673-7431
出版年度：2011
卷号：5
期号：1
页码：144-162
DOI：10.1007/s11782-011-0125-4
出版社：Higher Education Press, co-published with Springer-Verlag GmbH
摘要：Using a unique dataset from Shanghai Stock Exchange, we study institutional trading behaviors in IPOs and post-IPOs. From the perspective of value-based or speculation, we find that, (1) institutional investors are flippers on the first day of IPOs, (2) trading by institutional investors and the active institutional investors (mutual funds or brokerage) is value-based, and (3) the net buys of institutional investors can predict the long term performance of IPO-firms and shows a negative relation with a bubble in future. Since individual investors are the opponent of institutional investors, our results mean that individuals are speculators in the market. Our study suggest that institutional investors are the sophisticated ones in the market and they can process information more efficiently, whose value-based trading can enhance market price discovery and is good for market stabilization.
关键词：IPOs;institutional investor;trading behavior