English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Tools annual

Global: Zendy Free Plan

Global: Zendy Tools monthly

Global: Zendy Plus monthly

Using comprehensive transaction-level data from China, we document that institutional investors that have participated into the IPO pricing process trade at more profitable prices in the post-IPO market than other institutional investors do, resulting in higher profitability. The outperformance is more pronounced for firms with higher information asymmetry. We also document that participating institutions are able to identify more good trading opportunities ahead of others and that this ability become stronger when trading firms with higher information asymmetry. The outperformance and trading ability of participating institutions alleviates in periods before the expiration of lock-up and when retail sentiment is higher. Overall, our results imply that participating institutions possess information advantages over other institutions in post-IPO trading.

Which Trades of Institutional Investors are More Informed in the Post-IPO Market? Evidence from China