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Birds of a Feather Flock Together: First Time Investors and IPOs
Uppsala universitet, Humanistisk-samhällsvetenskapliga vetenskapsområdet, Samhällsvetenskapliga fakulteten, Företagsekonomiska institutionen.ORCID-id: 0000-0002-6418-326X
2015 (engelsk)Inngår i: Proceedings of 10th Annual London Business Research Conference / [ed] Md. Mahbubul Hoque Bhuiyan, 2015Konferansepaper, Oral presentation with published abstract (Fagfellevurdert)
Abstract [en]

Initial public offerings (IPOs) are firms entering the stock market, through offering shares to be publicly traded in the stock market for the first time. Similarly, first time stock investors (rookies) enter the stock market through buying shares. Investment decisions have been interesting to study both for academics and practitioners for decades. In this paper knowledge on IPOs and investment decisions of rookies are brought together. Moreover, rookies who chose to invest in initial public offerings (IPOs) as their entry to the stock market. The study is based on a hand-collected dataset of IPOs and of an ownership registry of all Swedish shareholders. The study shows that IPOs can serve as a first time investment for rookies, however, preferred together with other shares. Rookies investing in IPOs hold larger portfolios and have larger income than other rookies. IPOs attract rookies to larger extent than non-rookies. Thereby, through IPOs the stock market receives not only new firms but also new investors.

sted, utgiver, år, opplag, sider
2015.
Emneord [en]
Finance, Behavioral Finance
HSV kategori
Forskningsprogram
Företagsekonomi
Identifikatorer
URN: urn:nbn:se:uu:diva-260583ISBN: 978-1-922069-81-8 (tryckt)OAI: oai:DiVA.org:uu-260583DiVA, id: diva2:847729
Konferanse
Annual London Business Research Conference
Tilgjengelig fra: 2015-08-21 Laget: 2015-08-21 Sist oppdatert: 2017-02-03

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