메뉴 건너뛰기




Volumn 63, Issue 6, 2008, Pages 2679-2702

Do investors overweight personal experience? evidence from IPO subscriptions

Author keywords

[No Author keywords available]

Indexed keywords


EID: 55949118727     PISSN: 00221082     EISSN: 15406261     Source Type: Journal    
DOI: 10.1111/j.1540-6261.2008.01411.x     Document Type: Article
Times cited : (277)

References (79)
  • 2
    • 0001254030 scopus 로고
    • Designing economic agents that act like human agents: A behavioral approach to bounded rationality
    • Arthur, Brian W., 1991, Designing economic agents that act like human agents: A behavioral approach to bounded rationality, American Economic Review 81, 353 359.
    • (1991) American Economic Review , vol.81 , pp. 353-359
    • Arthur, B.W.1
  • 4
    • 33746819192 scopus 로고    scopus 로고
    • Investor sentiment and the cross-section of stock returns
    • Baker, Malcolm, and Jeffrey Wurgler, 2006, Investor sentiment and the cross-section of stock returns, Journal of Finance 61, 1645 1680.
    • (2006) Journal of Finance , vol.61 , pp. 1645-1680
    • Baker, M.1    Wurgler, J.2
  • 5
  • 6
    • 21344480348 scopus 로고
    • Baby boom, population aging, and capital markets
    • Bakshi, Gurdip S., and Zhiwu Chen, 1994, Baby boom, population aging, and capital markets, Journal of Business 67, 165 202.
    • (1994) Journal of Business , vol.67 , pp. 165-202
    • Bakshi, G.S.1    Chen, Z.2
  • 10
    • 0039184677 scopus 로고
    • How investment bankers determine the offer price and allocation of new issues
    • Benveniste, Lawrence M., and Paul A. Spindt, 1989, How investment bankers determine the offer price and allocation of new issues, Journal of Financial Economics 24, 343 361.
    • (1989) Journal of Financial Economics , vol.24 , pp. 343-361
    • Benveniste, L.M.1    Spindt, P.A.2
  • 11
    • 33847678612 scopus 로고    scopus 로고
    • The speed of learning in noisy games: Partial reinforcement and the sustainability of cooperation
    • Bereby-Meyer, Yoella, and Alvin E. Roth, 2006, The speed of learning in noisy games: Partial reinforcement and the sustainability of cooperation, American Economic Review 96, 1029 1042.
    • (2006) American Economic Review , vol.96 , pp. 1029-1042
    • Bereby-Meyer, Y.1    Roth, A.E.2
  • 12
    • 0036100914 scopus 로고    scopus 로고
    • Competing theories of financial anomalies
    • Brav, Alon, and J.B. Heaton, 2002, Competing theories of financial anomalies, Review of Financial Studies 15, 575 606.
    • (2002) Review of Financial Studies , vol.15 , pp. 575-606
    • Brav, A.1    Heaton, J.B.2
  • 13
    • 0347530051 scopus 로고    scopus 로고
    • Investor sentiment and the near-term stock market
    • Brown, Gregory W., and Michael T. Cliff, 2004, Investor sentiment and the near-term stock market, Journal of Empirical Finance 11, 1 27.
    • (2004) Journal of Empirical Finance , vol.11 , pp. 1-27
    • Brown, G.W.1    Cliff, M.T.2
  • 14
    • 17544383711 scopus 로고    scopus 로고
    • Investor sentiment and asset valuation
    • Brown, Gregory W., and Michael T. Cliff, 2005, Investor sentiment and asset valuation, Journal of Business 78, 405 440.
    • (2005) Journal of Business , vol.78 , pp. 405-440
    • Brown, G.W.1    Cliff, M.T.2
  • 15
    • 18644365144 scopus 로고    scopus 로고
    • Experience-weighted attraction learning in normal form games
    • Camerer, Colin F., and Teck-Hua Ho, 1999, Experience-weighted attraction learning in normal form games, Econometrica 67, 827 874.
    • (1999) Econometrica , vol.67 , pp. 827-874
    • Camerer, C.F.1    Ho T.-Hua2
  • 16
    • 33746814380 scopus 로고    scopus 로고
    • Household finance
    • Campbell, John Y., 2006, Household finance, Journal of Finance 61, 1553 1604.
    • (2006) Journal of Finance , vol.61 , pp. 1553-1604
    • Campbell, J.Y.1
  • 17
    • 0032771542 scopus 로고    scopus 로고
    • By force of habit: A consumption-based explanation of aggregate stock market behavior
    • Campbell, John Y., and John Cochrane, 1999, By force of habit: A consumption-based explanation of aggregate stock market behavior, Journal of Political Economy 107, 205 251.
    • (1999) Journal of Political Economy , vol.107 , pp. 205-251
    • Campbell, J.Y.1    Cochrane, J.2
  • 18
    • 0000013018 scopus 로고    scopus 로고
    • Asset pricing with distorted beliefs: Are equity returns too good to be true?
    • and
    • Cecchetti, Stephen G., Pok-sang Lam, and Nelson C. Mark, 2000, Asset pricing with distorted beliefs: Are equity returns too good to be true? American Economic Review 90, 787 805.
    • (2000) American Economic Review , vol.90 , pp. 787-805
    • Cecchetti, S.G.1    Lam P.-sang2    Mark, N.C.3
  • 19
    • 29544451577 scopus 로고    scopus 로고
    • When optimal choices feel wrong: A laboratory study of Bayesian updating, complexity, and affect
    • Charness, Gary, and Dan Levin, 2005, When optimal choices feel wrong: A laboratory study of Bayesian updating, complexity, and affect, American Economic Review 95, 1300 1309.
    • (2005) American Economic Review , vol.95 , pp. 1300-1309
    • Charness, G.1    Levin, D.2
  • 22
    • 0039739778 scopus 로고    scopus 로고
    • Bookbuilding and strategic allocation
    • Cornelli, Francesca, and David Goldreich, 2001, Bookbuilding and strategic allocation, Journal of Finance 56, 2337 2369.
    • (2001) Journal of Finance , vol.56 , pp. 2337-2369
    • Cornelli, F.1    Goldreich, D.2
  • 23
  • 24
    • 0000742255 scopus 로고
    • A stochastic learning model of economic behavior
    • Cross, John G., 1973, A stochastic learning model of economic behavior, Quarterly Journal of Economics 87, 239 266.
    • (1973) Quarterly Journal of Economics , vol.87 , pp. 239-266
    • Cross, J.G.1
  • 25
    • 8744258405 scopus 로고    scopus 로고
    • Investor psychology and security market under- and overreactions
    • Daniel, Kent, David Hirshleifer, and Avanidhar Subrahmanyam, 1998, Investor psychology and security market under- and overreactions, Journal of Finance 53, 1839 1886.
    • (1998) Journal of Finance , vol.53 , pp. 1839-1886
    • Daniel, K.1    Hirshleifer, D.2    Subrahmanyam, A.3
  • 27
    • 12344291905 scopus 로고    scopus 로고
    • IPO pricing in "hot" market conditions: Who leaves money on the table?
    • Derrien, François, 2005, IPO pricing in "hot" market conditions: Who leaves money on the table? Journal of Finance 60, 487 521.
    • (2005) Journal of Finance , vol.60 , pp. 487-521
    • Derrien F.çois1
  • 28
    • 33646357502 scopus 로고    scopus 로고
    • Up close and personal? An individual level analysis of the disposition effect
    • Dhar, Ravi, and Ning Zhu, 2006, Up close and personal? An individual level analysis of the disposition effect, Management Science 52, 726 740.
    • (2006) Management Science , vol.52 , pp. 726-740
    • Dhar, R.1    Zhu, N.2
  • 29
    • 84971128543 scopus 로고
    • Learning from experience and suboptimal rules in decision making
    • in. T.S. Wallsten, ed.: Lawrence Erlbaum Associates, Hillsdale, NJ).
    • Einhorn, Hillel J., 1980, Learning from experience and suboptimal rules in decision making, in T.S. Wallsten, ed. : Cognitive Processes in Choice and Decision Behavior (Lawrence Erlbaum Associates, Hillsdale, NJ).
    • (1980) Cognitive Processes in Choice and Decision Behavior
    • Einhorn, H.J.1
  • 31
    • 0038829878 scopus 로고    scopus 로고
    • Predicting how people play games: Reinforcement learning in experimental games with unique, mixed strategy equilibria
    • Erev, Ido, and Alvin E. Roth, 1998, Predicting how people play games: Reinforcement learning in experimental games with unique, mixed strategy equilibria, American Economic Review 88, 848 881.
    • (1998) American Economic Review , vol.88 , pp. 848-881
    • Erev, I.1    Roth, A.E.2
  • 32
    • 33847238370 scopus 로고    scopus 로고
    • Disagreement, tastes, and asset prices
    • Fama, Eugene F., and Kenneth R. French, 2007, Disagreement, tastes, and asset prices, Journal of Financial Economics 83, 667 689.
    • (2007) Journal of Financial Economics , vol.83 , pp. 667-689
    • Fama, E.F.1    French, K.R.2
  • 33
    • 0002499720 scopus 로고
    • Direct experience and attitude behavior consistency: An information processing analysis
    • Fazio, Russell H., Mark P. Zanna, and Joel Cooper, 1978, Direct experience and attitude behavior consistency: An information processing analysis, Personality and Social Psychology Bulletin 4, 48 51.
    • (1978) Personality and Social Psychology Bulletin , vol.4 , pp. 48-51
    • Fazio, R.H.1    Zanna, M.P.2    Cooper, J.3
  • 34
    • 24944590466 scopus 로고    scopus 로고
    • Do investor sophistication and trading experience eliminate behavioral biases in financial markets?
    • and
    • Feng, Lei, and Mark Seasholes, 2005, Do investor sophistication and trading experience eliminate behavioral biases in financial markets? Review of Finance 9, 305 351.
    • (2005) Review of Finance , vol.9 , pp. 305-351
    • Feng, L.1    Seasholes, M.2
  • 35
  • 40
    • 0033634041 scopus 로고    scopus 로고
    • The investment behavior and performance of various investor types: A study of Finland's unique data set
    • Grinblatt, Mark, and Matti Keloharju, 2000, The investment behavior and performance of various investor types: A study of Finland's unique data set, Journal of Financial Economics 55, 43 67.
    • (2000) Journal of Financial Economics , vol.55 , pp. 43-67
    • Grinblatt, M.1    Keloharju, M.2
  • 41
    • 21144478549 scopus 로고
    • Performance measurement without benchmarks: An examination of mutual funds returns
    • Grinblatt, Mark, and Sheridan Titman, 1993, Performance measurement without benchmarks: An examination of mutual funds returns, Journal of Business 66, 47 68.
    • (1993) Journal of Business , vol.66 , pp. 47-68
    • Grinblatt, M.1    Titman, S.2
  • 42
    • 84925907691 scopus 로고
    • A Bayesian approach to the production of information and learning by doing
    • Grossman, Sanford J., Richard E. Kihlstrom, and Leonard J. Mirman, 1977, A Bayesian approach to the production of information and learning by doing, Review of Economic Studies 144, 533 547.
    • (1977) Review of Economic Studies , vol.144 , pp. 533-547
    • Grossman, S.J.1    Kihlstrom, R.E.2    Mirman, L.J.3
  • 43
    • 0000398111 scopus 로고    scopus 로고
    • Investor psychology and asset pricing
    • Hirshleifer, David, 2001, Investor psychology and asset pricing, Journal of Finance 56, 1533 1597.
    • (2001) Journal of Finance , vol.56 , pp. 1533-1597
    • Hirshleifer, D.1
  • 44
    • 0036240796 scopus 로고    scopus 로고
    • Perceiving patterns in random series: Dynamic processing of sequence in prefrontal cortex
    • Huettel, Scott A., P.B. Mack, and Gregory McCarthy, 2002, Perceiving patterns in random series: Dynamic processing of sequence in prefrontal cortex, Nature Neuroscience 5, 485 490.
    • (2002) Nature Neuroscience , vol.5 , pp. 485-490
    • Huettel, S.A.1    MacK, P.B.2    McCarthy, G.3
  • 47
    • 0242273979 scopus 로고    scopus 로고
    • Experienced utility and objective happiness: A moment-based approach
    • in. Daniel Kahneman. and. Amos Tversky, eds.: Cambridge University Press and the Russell Sage Foundation, New York).
    • Kahneman, Daniel, 2000, Experienced utility and objective happiness: A moment-based approach, in Daniel Kahneman and Amos Tversky, eds. : Choices, Values, and Frames (Cambridge University Press and the Russell Sage Foundation, New York).
    • (2000) Choices, Values, and Frames
    • Kahneman, D.1
  • 48
    • 0001592419 scopus 로고    scopus 로고
    • Back to Bentham? Explorations of experienced utility
    • Kahneman, Daniel, Peter P. Wakker, and Rakesh Sarin, 1997, Back to Bentham? Explorations of experienced utility, Quarterly Journal of Economics 112, 375 405.
    • (1997) Quarterly Journal of Economics , vol.112 , pp. 375-405
    • Kahneman, D.1    Wakker, P.P.2    Sarin, R.3
  • 49
    • 0742289226 scopus 로고    scopus 로고
    • Market-wide impact of the disposition effect: Evidence from IPO trading volume
    • Kaustia, Markku, 2004, Market-wide impact of the disposition effect: Evidence from IPO trading volume, Journal of Financial Markets 7, 207 235.
    • (2004) Journal of Financial Markets , vol.7 , pp. 207-235
    • Kaustia, M.1
  • 50
    • 22944487286 scopus 로고    scopus 로고
    • Neurally reconstructing expected utility
    • Knutson, Brian, and Richard Peterson, 2004, Neurally reconstructing expected utility, Games and Economic Behavior 52, 305 315.
    • (2004) Games and Economic Behavior , vol.52 , pp. 305-315
    • Knutson, B.1    Peterson, R.2
  • 52
    • 33745721800 scopus 로고    scopus 로고
    • Retail investor sentiment and return comovements
    • Kumar, Alok, and Charles M.C. Lee, 2006, Retail investor sentiment and return comovements, Journal of Finance 61, 2451 2486.
    • (2006) Journal of Finance , vol.61 , pp. 2451-2486
    • Kumar, A.1    Lee M. C, C.2
  • 53
    • 84944838051 scopus 로고
    • Volume for winners and losers: Taxation and other motives for stock trading
    • Lakonishok, Josef, and Seymour Smidt, 1986, Volume for winners and losers: Taxation and other motives for stock trading, Journal of Finance 41, 951 974.
    • (1986) Journal of Finance , vol.41 , pp. 951-974
    • Lakonishok, J.1    Smidt, S.2
  • 54
    • 84977736029 scopus 로고
    • Investor sentiment and the closed-end puzzle
    • Lee, Charles M.C., Andrei Shleifer, and Richard H. Thaler, 1991, Investor sentiment and the closed-end puzzle, Journal of Finance 46, 75 109.
    • (1991) Journal of Finance , vol.46 , pp. 75-109
    • Lee M. C, C.1    Shleifer, A.2    Thaler, R.H.3
  • 55
    • 33750492556 scopus 로고    scopus 로고
    • Consumer confidence and asset prices: Some empirical evidence
    • Lemmon, Michael, and Evgenia Portniaguina, 2006, Consumer confidence and asset prices: Some empirical evidence, Review of Financial Studies 19, 1499 1529.
    • (2006) Review of Financial Studies , vol.19 , pp. 1499-1529
    • Lemmon, M.1    Portniaguina, E.2
  • 56
    • 0000620127 scopus 로고    scopus 로고
    • Rules of thumb versus dynamic programming
    • Lettau, Martin, and Harald Uhlig, 1999, Rules of thumb versus dynamic programming, American Economic Review 89, 148 174.
    • (1999) American Economic Review , vol.89 , pp. 148-174
    • Lettau, M.1    Uhlig, H.2
  • 58
    • 27944492592 scopus 로고    scopus 로고
    • Hot markets, investor sentiment, and IPO pricing
    • Ljungqvist, Alexander, Vikram Nanda, and Rajdeep Singh, 2006, Hot markets, investor sentiment, and IPO pricing, Journal of Business 79, 1667 1702.
    • (2006) Journal of Business , vol.79 , pp. 1667-1702
    • Ljungqvist, A.1    Nanda, V.2    Singh, R.3
  • 59
    • 0036108222 scopus 로고    scopus 로고
    • Why don't issuers get upset about leaving money on the table in IPOs?
    • and
    • Loughran, Tim, and Jay R. Ritter, 2002, Why don't issuers get upset about leaving money on the table in IPOs? Review of Financial Studies 15, 413 443.
    • (2002) Review of Financial Studies , vol.15 , pp. 413-443
    • Loughran, T.1    Ritter, J.R.2
  • 60
    • 6344270172 scopus 로고    scopus 로고
    • Why has IPO underpricing changed over time?
    • and
    • Loughran, Tim, and Jay R. Ritter, 2004, Why has IPO underpricing changed over time? Financial Management 33, 5 37.
    • (2004) Financial Management , vol.33 , pp. 5-37
    • Loughran, T.1    Ritter, J.R.2
  • 61
    • 0037213577 scopus 로고    scopus 로고
    • Why does IPO volume fluctuate so much?
    • Lowry, Michelle B., 2003, Why does IPO volume fluctuate so much? Journal of Financial Economics 67, 3 40.
    • (2003) Journal of Financial Economics , vol.67 , pp. 3-40
    • Lowry, M.B.1
  • 63
    • 0007983125 scopus 로고    scopus 로고
    • IPO market cycles: Bubbles or sequential learning?
    • and
    • Lowry, Michelle B., and G. William Schwert, 2002, IPO market cycles: Bubbles or sequential learning? Journal of Finance 57, 1171 1198.
    • (2002) Journal of Finance , vol.57 , pp. 1171-1198
    • Lowry, M.B.1    Schwert, G.W.2
  • 65
    • 0037947360 scopus 로고    scopus 로고
    • A surprise-quiz view of learning in economic experiments
    • Merlo, Antonio, and Andrew Schotter, 1999, A surprise-quiz view of learning in economic experiments, Games and Economic Behavior 28, 25 54.
    • (1999) Games and Economic Behavior , vol.28 , pp. 25-54
    • Merlo, A.1    Schotter, A.2
  • 66
    • 0000424077 scopus 로고
    • Information and consumer behavior
    • Nelson, Philip, 1970, Information and consumer behavior, Journal of Political Economy 78, 311 329.
    • (1970) Journal of Political Economy , vol.78 , pp. 311-329
    • Nelson, P.1
  • 67
    • 0010104544 scopus 로고    scopus 로고
    • Are investors reluctant to realize their losses?
    • Odean, Terrance, 1998, Are investors reluctant to realize their losses? Journal of Finance 53, 1775 1798.
    • (1998) Journal of Finance , vol.53 , pp. 1775-1798
    • Odean, T.1
  • 68
    • 33646497234 scopus 로고    scopus 로고
    • Investor attention, overconfidence and category learning
    • Peng, Lin, and Wei Xiong, 2006, Investor attention, overconfidence and category learning, Journal of Financial Economics 80, 563 602.
    • (2006) Journal of Financial Economics , vol.80 , pp. 563-602
    • Peng, L.1    Xiong, W.2
  • 69
    • 36649005179 scopus 로고    scopus 로고
    • Adaptive traders and the design of financial markets
    • Pouget, Sebastien, 2007, Adaptive traders and the design of financial markets, Journal of Finance 62, 2835 2863.
    • (2007) Journal of Finance , vol.62 , pp. 2835-2863
    • Pouget, S.1
  • 71
    • 0002860329 scopus 로고    scopus 로고
    • Analyst following of initial public offerings
    • Rajan, Raghuram G., and Henri Servaes, 1997, Analyst following of initial public offerings, Journal of Finance 52, 507 529.
    • (1997) Journal of Finance , vol.52 , pp. 507-529
    • Rajan, R.G.1    Servaes, H.2
  • 72
    • 58149324992 scopus 로고
    • Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term
    • Roth, Alvin E., and Ido Erev, 1995, Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term, Games and Economic Behavior 8, 164 212.
    • (1995) Games and Economic Behavior , vol.8 , pp. 164-212
    • Roth, A.E.1    Erev, I.2
  • 73
    • 0037728937 scopus 로고    scopus 로고
    • Learning by not doing: An experimental investigation of observational learning
    • Schotter, Andrew, and Antonio Merlo, 2003, Learning by not doing: An experimental investigation of observational learning, Games and Economic Behavior 42, 116 136.
    • (2003) Games and Economic Behavior , vol.42 , pp. 116-136
    • Schotter, A.1    Merlo, A.2
  • 76
    • 37849014583 scopus 로고    scopus 로고
    • The tree of experience in the forest of information: Overweighing experienced relative to observed information
    • Simonsohn, Uri, Niklas Karlsson, George Loewenstein, and Dan Ariely, 2008, The tree of experience in the forest of information: Overweighing experienced relative to observed information, Games and Economic Behavior 62, 263 286.
    • (2008) Games and Economic Behavior , vol.62 , pp. 263-286
    • Simonsohn, U.1    Karlsson, N.2    Loewenstein, G.3    Ariely, D.4
  • 78
    • 0002621983 scopus 로고
    • Animal intelligence: An experimental study of the associated processes in animals
    • excerpted in American Psychologist 1998, 53, 1125-1127).
    • Thorndike, Edward L., 1898, Animal intelligence: An experimental study of the associated processes in animals, Psychological Monographs 2, 1 109 (excerpted in American Psychologist 1998, 53, 1125-1127).
    • (1898) Psychological Monographs , vol.2 , pp. 1-109
    • Thorndike, E.L.1
  • 79
    • 34247529903 scopus 로고
    • Availability: A heuristic for judging frequency and probability
    • Tversky, Amos, and Daniel Kahneman, 1973, Availability: A heuristic for judging frequency and probability, Cognitive Psychology 5, 207 232.
    • (1973) Cognitive Psychology , vol.5 , pp. 207-232
    • Tversky, A.1    Kahneman, D.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.