2012
DOI: 10.1080/09603107.2012.657350
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Investment behaviours and IPO returns: evidence from Taiwan

Abstract: This article uses Buy-Sell Imbalance (BSI) as an indicator of investment behaviour to analyse the correlation between investor trading behaviours and returns of Initial Public Offerings (IPOs). After controlling for variables, such as market excess return, the size factor, and the book-tomarket factor and momentum factor, this article finds that if IPOs are more popular to individual investors when issuing, the short-term returns are higher. In contrast, there is little sign that institutional investors exhibi… Show more

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References 37 publications
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