Clusters of investors around initial public offering
Research output: Contribution to journal › Article › Scientific › peer-review
|Number of pages||14|
|Publication status||Published - 1 Dec 2019|
|Publication type||A1 Journal article-refereed|
The complex networks approach has been gaining popularity in analysing investor behaviour and stock markets, but within this approach, initial public offerings (IPOs) have barely been explored. We fill this gap in the literature by analysing investor clusters in the first two years after the IPO filing in the Helsinki Stock Exchange by using a statistically validated network method to infer investor links based on the co-occurrences of investors’ trade timing for 69 IPO stocks. Our findings show that a rather large part of statistically similar network structures form in different securities and persist in time for mature and IPO companies. We also find evidence of institutional herding.
ASJC Scopus subject areas
- investor networks, IPO, investor clusters, SVN, institutional herding