Does Prospect Theory Explain IPO Market Behavior?
基于Loughran和Ritter（2002）构建了一个衡量IPO决策者对承销商满意度的行为指标，发现该指标能预测企业后续是否更换承销商，且满意的决策者会支付更高费用，但未直接验证前景理论对IPO首日收益模式的解释力。
ABSTRACT We derive a behavioral measure of the IPO decision‐maker's satisfaction with the underwriter's performance based on Loughran and Ritter (2002) and assess its ability to explain the decision‐maker's choice among underwriters in subsequent securities offerings. Controlling for other known factors, IPO firms are less likely to switch underwriters when our behavioral measure indicates they were satisfied with the IPO underwriter's performance. Underwriters also extract higher fees for subsequent transactions involving satisfied decision‐makers. Although our tests suggest that the behavioral model has explanatory power, they do not speak directly to whether deviations from expected utility maximization determine patterns in IPO initial returns.