Outside Insiders: Does Access to Information Prior to an IPO Generate a Trading Advantage After the IPO?
研究发现，领投风投基金的有限合伙人在投资其基金支持的新上市股票时获得高回报，这源于IPO前获取的信息优势，且信息优势越大回报越高。
We investigate whether access to information prior to an initial public offering (IPO) generates a trading advantage after the IPO. We find that limited partners (LPs) of lead venture capital funds obtain high returns when they invest in newly listed stocks backed by their funds. These returns are not explained by LPs’ differing stock-picking abilities, and they are higher when LPs’ information advantage over the public is higher. LPs are more likely to invest if they have an information advantage, and access to information eliminates the familiarity bias that they display otherwise.