New institutional investors in the IPO secondary market: Sentiment or fundamentals?
研究了未获IPO配售但在上市后买入新股的新机构投资者，发现他们基于公司基本面而非市场情绪进行投资，且该策略有助于识别更优质的IPO。
Abstract We investigate new institutional investors that do not receive initial public offering (IPO) allocations but invest in the newly public firms after IPOs. We find that many institutions buy the stocks of IPO firms in the post‐IPO secondary market over time. In contrast to retail investors who chase hot IPOs, these new institutions invest in IPO firms with lower valuations at offerings and better fundamentals. These results suggest that new institutional investors' post‐IPO investment decisions are driven by publicly available information on firm fundamentals instead of investor sentiment. Long‐term performance tests confirm that this trading strategy helps institutions identify better quality IPOs.