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首页> 外文会议>2007 China International Conference in Finance >Underpricing, Overbidding and the Effects of Entry on IPO Auctions: Evidence from Taiwan
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Underpricing, Overbidding and the Effects of Entry on IPO Auctions: Evidence from Taiwan

机译：定价过低，竞价过多和进入对IPO拍卖的影响：来自台湾的证据

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摘要

Auction theory predicts that, for a large multi-unit common value auction with endogenous entry, fluctuations in ex post entry are a major determinant of returns, even when bidders are shaving their bids optimally given their information sets. If, in addition, some bidders are not shaving their bids sufficiently, there may be substantial variations in returns. We examine these predictions for discriminatory (pay what you bid) IPO auctions in Taiwan from 1995 - 2000. The bids of institutional investors are generally consistent with the predictions of auction theory. Both the entry and the bidding decisions of individual investors, however, appear to violate the predictions of current auction theory regarding the optimal bids. Individual auction entry decisions are significantly influenced by the returns on recent past IPO auctions, and the unexpected entry of more individual investors or high bids placed by those investors leads to lower expected returns, a sign of systematic overbidding perhaps due to inadequate bid-shaving.
机译：拍卖理论预测，对于具有内生词条的大型多单位共同价值拍卖，事后进入的波动是收益的主要决定因素，即使在投标者根据其信息集对其进行最佳剃光的情况下。此外，如果某些竞标者没有充分地削减其竞标价格，则回报可能会有很大差异。我们研究了1995年至2000年在台湾进行的有区别的（按您的竞标价格）IPO拍卖的这些预测。机构投资者的出价通常与拍卖理论的预测一致。但是，个人投资者的进入和出价决策似乎都违反了当前关于最佳出价的拍卖理论的预测。个人拍卖的进入决定很大程度上受最近的IPO拍卖收益的影响，而更多个人投资者的意外进入或这些投资者的高出价导致较低的预期收益，这可能是由于缺乏足够的竞标价格而导致系统性的竞价的迹象。

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  • 会议地点 Chengdu(CN);Chengdu(CN)
  • 作者

    Yao-Min Chiang; Yiming Qian; Ann E. Sherman;

  • 作者单位

    Department of Finance, National Chengchi University NO.64, Sec.2, ZhiNan Rd.,Wenshan District,Taipei City 11605, Taiwan;

    Department of Finance, University of Iowa S382 Pappajohn Business Building, 21 E.Market Street Iowa City, IA 52242, USA;

    Department of Finance, University of Notre Dame Notre Dame, IN 46556, USA;

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