Innovations in financing: The impact of anchor investors in Indian IPOs
研究了2009-2017年印度IPO中锚定投资者的作用，发现其配股和数量分别影响估值和抑价，但净效应不显著；锚定投资者能吸引其他机构参与并降低后市波动。
Abstract In 2009, the Securities Exchange Board of India allowed qualified institutional investors to anchor initial public offerings (IPOs) by participating in the issue at a price and allocation publicly disclosed preceding the issue. We study anchor investors (AIs) in Indian IPOs during 2009–2017. We find the share allotment and the number of AIs separately have significant impacts on valuation and underpricing; however, the net effect is nonsignificant. Further, AIs significantly influence other institutional investors' participation in the IPO and induce lower aftermarket volatility. Overall, our evidence suggests that AIs boost demand for and mitigate ex ante information uncertainty of IPOs.