Institutional versus Individual Investment in IPOs: The Importance of Firm Fundamentals

By Laura Casares Field, Michelle René Lowry. Journal of Financial and Quantitative Analysis, 2009

209 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/b9d64a79fb5d995eff595cc11bb77f58af47cdfd

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Citations in the corpus

The Role of Institutional Investors in Initial Public Offerings (2010, unknown): “Fourth, instead of flipping alone, we study institutional net buying (buying minus selling) in IPOs and thus provide a more complete picture.5 5 SeealsoField and Lowry(2005), who find, using quarterly institutional holdings data, that IPOs with higher institutional ownership soon after the offering ”
Auctioned IPOs: The U.S. Evidence (2009, unknown): “Krigman, Shaw and Womack (1999), Houge et al. (2001), and Aggarwal (2003) have analyzed flipping in bookbuilt IPOs, but no such evidence exists for”
Initial Public Offerings: A synthesis of the Literature and Directions for Future Research (2018, background): “111 Perhaps reflecting differences in these cost-benefit trade-offs, Field and Lowry (2017) show striking differences between IPO firms and more mature firms in the choice to have a classified board.”
Board Independence, Ownership Structure and the Valuation of IPOs in Continental Europe (2014, unknown): “Investors and financial market participants will find information regarding the valuation of an asset class (IPO firms) that could deliver large satisfaction, if we consider that the top 100 IPOs earned over 1,000 percent in their first 3 years of trading (Field & Lowry, 2009).”
Are There Monitoring Benefits to Institutional Ownership? Evidence from Seasoned Equity Offerings (2011, unknown): “1 In a related vein, Field and Lowry (2009) analyze the relation between institutional ownership and performance following Initial Public Offerings (IPO) and conclude that the performance difference between institutional and individual investors is not due to private information, but rather due to i”
Crisis Management Strategies and the Long-Term Effects of Product Recalls on Firm Value (2017, background): “The cash flow effect refers to the focal variable’s effect on the cash flows of the firm, while the investor behavior effect refers to the variable’s direct effect on investor attention and response, over and above the cash flow effect (Field and Lowry 2009).”