摘要: We statistically identify institutional investors who persistently hold the most underpriced US IPOs. As a group, these key investors' holdings are strongly related to IPO underpricing and offer price revisions, more so than any other variables. Key better informed investors; their trades predict future returns participation relates when they specialize in firm's industry. find no direct evidence that is motivated by underwriters' earning kickbacks. However, significant fraction of economic benefits accrues non-key investors, allowing for agency-based explanations underpricing.
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