Hits:

Indexed by:会议论文

Date of Publication:2014-01-01

Included Journals:CPCI-SSH

Page Number:661-664

Key Words:IPO; Different Investors; Heterogeneous Trading Behaviors

Abstract:In this study, we test different kinds of investors' trading behaviors in IPO (Initial Public Offering) stocks based on a unique dataset of SZSE (Shenzhen Stock Exchange) in China. It is found that only the Small Group, who is the less wealthy individuals, tend to buy IPO stocks. On the contrary, the wealthy individuals, such as the Middle Group and the Large Group, prefer to sell those stocks, resembling All Institutions' behavior. The trading mechanism of IPO could explain some of the results, and could tell that the different tendency to buy or sell IPO stocks of the investor groups is persuasive.