Can Loss Aversion Move the Market? Evidence from IPO Trading Volume
作者： Markku Kaustia
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摘要: We study the market-wide importance of loss aversion by investigating IPO trading volume. In IPOs all initial investors have a common purchase price, and effect should be at its strongest. find an increase in turnover for negative return on day they surpass offer price first time. This is economically important, although not as strong consistent that produced new maximum minimum stock prices. These results suggest may play role aggregate market activity. JEL Classifications: G10, G30
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