https://scholars.lib.ntu.edu.tw/handle/123456789/414881
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.author | YAO-MIN CHIANG | en_US |
dc.contributor.author | Hirshleifer, David | en_US |
dc.contributor.author | Qian, Yiming | en_US |
dc.contributor.author | Sherman, Ann E. | en_US |
dc.creator | Sherman, Ann E.;Qian, Yiming;Hirshleifer, David;YAO-MIN CHIANG | - |
dc.date.accessioned | 2019-07-24T02:14:14Z | - |
dc.date.available | 2019-07-24T02:14:14Z | - |
dc.date.issued | 2011-05-01 | - |
dc.identifier.issn | 08939454 | - |
dc.identifier.uri | https://scholars.lib.ntu.edu.tw/handle/123456789/414881 | - |
dc.description.abstract | We examine how experience affects the decisions of individual investors and institutions in IPO auctions to bid in subsequent auctions, and their bidding returns. We track bidding histories for all 31,476 individual investors and 1,232 institutional investors across all 84 IPO auctions during the period from 1995 to 2000 in Taiwan. For individual bidders, (1) high returns in previous IPO auctions increase the likelihood of participating in future auctions; (2) bidders' returns decrease as they participate in more auctions; (3) auction selection ability deteriorates with experience; and (4) those with greater experience bid more aggressively. These findings are consistent with naïve reinforcement learning wherein individuals become unduly optimistic after receiving good returns. In sharp contrast, there is little sign that institutional investors exhibit such behavior. © The Author 2011. | en_US |
dc.publisher | OXFORD UNIV PRESS INC | en_US |
dc.relation.ispartof | Review of Financial Studies | en_US |
dc.subject | G15; G24; G32 | en_US |
dc.title | Do investors learn from experience? Evidence from frequent IPO investors | en_US |
dc.type | journal article | en |
dc.identifier.doi | https://api.elsevier.com/content/abstract/scopus_id/79954517819 | - |
dc.identifier.doi | 10.1093/rfs/hhq151 | - |
dc.identifier.scopus | 2-s2.0-79954517819 | - |
dc.identifier.isi | WOS:000289627900006 | - |
dc.identifier.url | https://api.elsevier.com/content/abstract/scopus_id/79954517819 | - |
dc.relation.pages | 1560 | en_US |
dc.relation.journalvolume | 24 | en_US |
dc.relation.journalissue | 5 | en_US |
dc.relation.pageend | 1589 | en_US |
item.openairecristype | http://purl.org/coar/resource_type/c_6501 | - |
item.openairetype | journal article | - |
item.grantfulltext | none | - |
item.cerifentitytype | Publications | - |
item.fulltext | no fulltext | - |
crisitem.author.dept | Finance | - |
crisitem.author.parentorg | College of Management | - |
顯示於: | 財務金融學系 |
在 IR 系統中的文件,除了特別指名其著作權條款之外,均受到著作權保護,並且保留所有的權利。