The Distribution of Information among Institutional and Retail Investors in IPOs
基于芬兰85,384名投资者和29次发行的数据，发现机构投资者在IPO中平均并未获得比散户更高的初始收益，因为配售规则偏向小订单限制了信息获取激励；但类别内部大订单表现更好，表明信息差异在类别内更重要。
This study examines investor performance in IPOs using a unique database comprising 85,384 investors and 29 offerings from Finland. The evidence indicates that on average institutional investors do not obtain larger initial returns than retail investors, as the incentive to acquire information is limited by allocation rules which favour small orders. This result is in contrast to findings by Aggarwal et al . (2002), who show that institutional investors perform better in a bookbuilding environment. Within each investor category, however, large orders are associated with the best performance, suggesting that information differences figure more importantly within rather than between categories.