amadoriDoes Sentiment Drive the Retail Demand for IPOs?
期刊名称： Journal of Financial & Quantitative Analysis
作者： Daniel Dorn
ciba作者机构： LeBow College of Business价值观的英语
年份： 2009年mass
大学英语四级单词期号： 第1期
关键词： Takeover;Merger;Tender offer;Auction;Offer premium;Bidder
gains;Toeholds;Overbidding;Markups;Hostility
摘要：Individual and institutional investors can trade German initial public equity offerings on an as-if/when-issued basis before the start of condary trading. Using actual when-issued trades made by a sample of clients at a large German retail broker during 1999 and 2000, the paper documents that retai冲杀
labour>鲁克斯
l buyers consistently overpay for initial public offerings (IPOs) in the when-issued market relative to the immediate aftermarket. The obrved willingness to overpay points to ntiment as a driver of retail trading decisions. Consistent with this interpretation and with ntiment affecting prices, IPOs that are aggressively bought by individuals in the when-issued market exhibit high first-day returns as well as poor aftermarket returns relative to benchmarks of similar stocks.
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