Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/187661
Authors: 
Li, Zhe
Wang, Fang
Dong, Xiaohong
Year of Publication: 
2016
Citation: 
[Journal:] China Journal of Accounting Research [ISSN:] 1755-3091 [Volume:] 9 [Year:] 2016 [Issue:] 4 [Pages:] 283-304
Abstract: 
The IPO process is a way for companies to improve their corporate governance and for investors to assess company quality. This paper posits that investor choices vary with differences in investment ability and experience. Three groups of investors with large holdings, namely individual investors, blue-chip institutional investors and underperforming institutional investors, are compared by their use of three types of corporate governance information: board characteristics, equity structure and affiliated relationships. Overall, institutional investors make greater use of corporate governance information than individual investors, with blue-chip institutional investors making the greatest use. Further, bull-bear markets exert a significant influence on the behavior of both individual and underperforming institutional investors. These results enrich the IPO literature and contribute to optimal social fund allocation in the stock market.
Subjects: 
Corporate governance information
Institutional investors
Historical performance
New stock subscriptions
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc-nd/4.0/
Document Type: 
Article
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