Journal of Financial and Quantitative Analysis, Volume 54, Issue 1, February 2019

外部的内部人员:在IPO之前获取信息是否会在IPO之后产生交易优势?

作者：Umit Ozmel (Purdue University, USA)

Timothy E. Trombley (Illinois State University, USA)

M. Deniz Yavuz (Purdue University, USA)

摘要：我们研究了在首次公开发行(IPO)之前获取信息是否会在IPO之后产生交易优势。我们发现，主导风险投资基金的有限合伙人在投资其基金支持的新上市股票时获得了高回报。这些回报并不能够被有限合伙人不同的选股能力所解释，并且当有限合伙人相对于公众有更高的信息优势时，这些回报会变得更高。如果有限合伙人拥有信息优势时，他们更有可能进行投资，而且信息获取消除了他们在其他方面表现出来的熟悉偏差。

Outside Insiders: Does Access to Information Prior to an IPO Generate a Trading Advantage After the IPO?

Umit Ozmel (Purdue University, USA), Timothy E. Trombley (Illinois State University, USA), M. Deniz Yavuz (Purdue University, USA)

ABSTRACT

We investigate whether access to information prior to an initial public offering (IPO) generates a trading advantage after the IPO. We find that limited partners (LPs) of lead venture capital funds obtain high returns when they invest in newly listed stocks backed by their funds. These returns are not explained by LPs’ differing stock-picking abilities, and they are higher when LPs’ information advantage over the public is higher. LPs are more likely to invest if they have an information advantage, and access to information eliminates the familiarity bias that they display otherwise.

原文链接：https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/outside-insiders-does-access-to-information-prior-to-an-ipo-generate-a-trading-advantage-after-the-ipo/3813099BFDC637110C986552D6074C6B

翻译：阙江静