Financial Management · 9 May 2018

主要投资者的分配、抑价和IPO后市场表现

作者： Rama Seth (Indian Institute of Management Calcutta), S. R. Vishwanatha (Shiv Nadar University, India), Durga Prasad (T.A. Pai Management Institute, India)

摘要：我们研究了主要投资者在两阶段首次公开发行（IPO）过程中的竞价，并证明了对主要投资者的分配与抑价之间存在负的因果关系。我们发现，主要投资者很可能会投资于以估值不确定性为特征的较难上市公司。我们还证明了对高声誉主要投资者的分配与锁定到期的收益率存在正向关系。我们的证据支持询价中的信息披露和针对特定投资者理论。受主要投资者支持的IPO拥有超额收益主要是由于投资者的监管。谁在IPO中竞价似乎与特定类型的竞价一样重要。

Allocation to Anchor Investors, Underpricing, and the After‐Market Performance of IPOs

Rama Seth (Indian Institute of Management Calcutta), S. R. Vishwanatha (Shiv Nadar University, India), Durga Prasad (T.A. Pai Management Institute, India)

ABSTRACT

We study bidding by anchor investors in a two‐stage initial public offering (IPO) process and document a negative, causal relation between allocation to anchor investors and underpricing. We find that anchor investors are likely to invest in hard‐to‐place offerings characterized by valuation uncertainty. We also document a positive relation between allocation to reputed anchor investors and returns up to lock‐up expiration. Our evidence provides support for information revelation and targeting specific investors’ theories of book building. Anchor‐backed IPOs earn superior returns mainly due to monitoring. Who bids in an IPO seems to matter just as particular types of bids do.

原文链接：https://onlinelibrary.wiley.com/doi/full/10.1111/fima.12210

翻译：施懿