TUTCRIS - Tampereen teknillinen yliopisto

TUTCRIS

Clusters of investors around initial public offering

Tutkimustuotosvertaisarvioitu

Yksityiskohdat

AlkuperäiskieliEnglanti
Artikkeli129
Sivumäärä14
JulkaisuPalgrave Communications
Vuosikerta5
Numero1
DOI - pysyväislinkit
TilaJulkaistu - 1 joulukuuta 2019
OKM-julkaisutyyppiA1 Alkuperäisartikkeli

Tiivistelmä

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.