From 52,649 accounts and 10,615,117 transaction records obtained from a renowned brokerage house in Taiwan we find that individual investors purchase 73.4% and sell 64.5% of their stock portfolios each month. This is more than ten times the statistics for their U.S. counterparts. In general,...

As bookbuilding is less costly in terms of underpricing and has become the dominant underwriting method in initial public offerings (IPOs) (see Sherman, 2005), we examine whether the pattern still holds in seasoned equity offerings (SEOs) and find that only 15% (93 out of 610 sample firms) of...