haku: @author Kandel, S. / yhteensä: 15
viite: 1 / 15
« edellinen | seuraava »
| Tekijä: | Kandel, S. Sarig, O. Wohl, A. |
| Otsikko: | Do investors prefer round stock prices? Evidence from Israeli IPO auctions |
| Lehti: | Journal of Banking and Finance
2001 : AUG, VOL. 25:8, p. 1543-1551 |
| Asiasana: | INVESTORS SHARE PRICES ISRAEL |
| Kieli: | eng |
| Tiivistelmä: | The authors find round number clustering in orders submitted by investors in Israeli IPO auctions. Explanations offered for price clustering, such as dealer collusion or implicit agreement to simplify negotiations, cannot explain price clustering in this market. Therefore, this is direct evidence that investors prefer round numbers. First the authors describe the data. They examined 27 out of 28 Israeli IPOs in the period December 1993 through February 1994, for which complete order data are available and present the results of their research. The author have found that investors are more likely to use round prices in their orders than to use non-round prices and in the last section of this paper the authors offer some concluding remarks. |
« edellinen | seuraava »
SCIMA