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Individual investor’s limited attention and IPO performance

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  • Bing Zhang

Abstract

The paper models and verifies the spread and decay of investor’s attention before listing on the stock market by using the Baidu Index as a proxy for investor attention of the frequency of searches. We find that individual investor’s attention has a significant influence on the first-day IPO return. We empirically study the allocation of investor attention among several stocks and discover that the more stocks going public on the same day, the milder and more similar their performance tends to be. This paper is the first to research IPO performance and individual attention.

Suggested Citation

  • Bing Zhang, 2019. "Individual investor’s limited attention and IPO performance," Applied Economics, Taylor & Francis Journals, vol. 51(57), pages 6089-6099, December.
    • Handle: RePEc:taf:applec:v:51:y:2019:i:57:p:6089-6099
    DOI: 10.1080/00036846.2019.1646404
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    Cited by:

    1. Jingjian, Si & Xiangyun, Gao & Jinsheng, Zhou & Anjian, Wang & Xiaotian, Sun & Yiran, Zhao & Hongyu, Wei, 2023. "The impact of oil price shocks on energy stocks from the perspective of investor attention," Energy, Elsevier, vol. 278(PB).

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