Are all investment decisions to subscribe to new stocks mindless?Investor heterogeneity and behavior in the process of subscribing to new stocks

作     者：Zhe Li Fang Wang Xiaohong Dong 

作者机构：School of BusinessRenmin University of China School of ManagementChina Women's University Business InstituteAnhui University of Finance & Economics 

出 版 物：《China Journal of Accounting Research》 (中国会计学刊（英文版）)

年 卷 期：2016年第9卷第4期

页      面：283-304页

学科分类：120202[管理学-企业管理（含：财务管理、市场营销、人力资源管理）] 12[管理学] 02[经济学] 0202[经济学-应用经济学] 1202[管理学-工商管理] 1201[管理学-管理科学与工程(可授管理学、工学学位)] 020204[经济学-金融学（含∶保险学）] 

基　　金：sponsored by the National Natural Science Foundation of China(Nos.71272152 and 71172180) 

主　　题：Corporate governance information Institutional investors Historical performance New stock subscriptions 

摘      要：The IPO process is a way for companies to improve their corporate governance and for investors to assess company *** paper posits that investor choices vary with differences in investment ability and *** groups of investors with large holdings,namely individual investors,bluechip institutional investors and underperforming institutional investors,are compared by their use of three types of corporate governance information:board characteristics,equity structure and affiliated ***,institutional investors make greater use of corporate governance information than individual investors,with blue-chip institutional investors making the greatest ***,bull-bear markets exert a significant influence on the behavior of both individual and underperforming institutional *** results enrich the IPO literature and contribute to optimal social fund allocation in the stock market.