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We study how institutional investors utilize potentially biased information by analyzing the effect of IPO underwriters' earnings forecasts on investors' bidding behaviors in Chinese IPO auctions. Despite the presence of upward biases in underwriters' earnings forecasts, we nd that investors'...
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We investigate a unique dataset of Chinese IPOs from 2009 to 2012. First, we find that institutional investors who participate in multiple IPOs on a single day suffer from limited attention and submit less accurate bids. Second, we form several proxies for investor attention capacity and show...
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