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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/6080


    Title: IPO Auctions and Private nformation
    Authors: 劉玉珍
    Lin, Ji-Chai;Lee, Yi-Tsung;Liu, Yu-Jane
    Keywords: IPOs;Competitive bidding;Institutional investors;Private information
    Date: 2007-05
    Issue Date: 2008-11-05 16:50:47 (UTC+8)
    Abstract: IPO auctions, which provide an impartial way of determining IPO pricing and share allocations, offer a natural setting for examining whether institutional investors possess private information, and for measuring how valuable their information is. Analyzing detailed bidding data from Taiwan’s discriminatory (pay-as-bid) auctions, we find that, relative to retail investors, institutional investors tend to bid higher in auctions when IPO shares are more valuable, and that underpricing is larger in auctions with relatively higher institutional bids. These results imply that institutional investors are better informed about IPO value, and that they obtain higher information rents when they bid higher relative to retail investors. We estimate the value of institutional investors’ private information to be worth about 8.68% of return, which is the extra rate of return they command on their informational advantages over retail investors.
    Relation: Journal of Banking and Finance, 31(5), 1483-1500
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1016/j.jbankfin.2006.09.004
    DOI: 10.1016/j.jbankfin.2006.09.004
    Appears in Collections:[財務管理學系] 期刊論文

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