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论文类型：会议论文

发表时间：2014-01-01

收录刊物：CPCI-SSH

页面范围：661-664

关键字：IPO; Different Investors; Heterogeneous Trading Behaviors

摘要：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.