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Clusters of investors around initial public offering

Research output: Contribution to journalArticleScientificpeer-review


Original languageEnglish
Article number129
Number of pages14
JournalPalgrave Communications
Issue number1
Publication statusPublished - 1 Dec 2019
Publication typeA1 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.


  • investor networks, IPO, investor clusters, SVN, institutional herding

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Field of science, Statistics Finland

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