Institutional versus Individual Investment in IPOs: The Importance of Firm Fundamentals
研究发现，机构投资者投资多的新股公司长期表现更好，这主要源于他们能更好解读公开信息，而个人投资者因忽视或误读信息而承受IPO表现不佳的后果。
Abstract Consistent with institutions having an advantage over individuals, we find that newly public firms with the highest levels of institutional investment significantly outperform those with the lowest levels. While prior literature has attributed much of institutions’ higher returns around various corporate events to private information, we find that much of the difference simply reflects better interpretation of readily available public information. Individuals disproportionately invest in the types of firms that earn significantly lower abnormal returns over the long run. Individuals either disregard or misinterpret the relevance of readily available public information, and as a result, they bear the brunt of IPO underperformance.