The “crowd” in online crowdfunding is no longer just comprised of retail investors; in fact, debt-based crowdfunding or peer-to-peer lending has long attracted the interest of institutional investors. Given their expertise, institutional investors are often referred to as “smart money” in traditional financial markets. It is not clear however how they may behave in this nascent market, and more...

a r t i c l e i n f o Using high frequency intraday data, this paper investigates the herding behavior of institutional and individual investors in the Taiwan stock market. The study finds evidence of herding by both investors but a stronger herding tendency among institutional than among individual investors. Institutional investors herd more on firms with small capitalizations and lower turno...

and concrete modifiers, which we meet regularly in Shakespeare, mirrors, indeed, the situation all of us face in daily living, where general principles are clear in theory but are conditioned in their application to the concrete world. The man of eloquence must be a lover of ‘the world’s body’ to the extent of being able to give it a

Based on the Chinese IPO book building mechanism as the background, the paper chooses the market-oriented period (from November,2010 to April,2012) of the IPOs as the samples, and studies the relationship between the collusive behavior, institutional investors’ bidding behavior and underwriters’ pricing strategy(as well as the post-IPO performance). The results show that: Firstly, in the case o...

This paper explores optimal ways for a firm to sell its initial public offering (IPO) to a mix of informed and uninformed investors through an intermediary. I argue that uninformed investors provide a benchmark for informed investors, resulting in an endogenous constraint that affects the issuer’s revenue. I conclude that higher revenues are achieved with higher numbers of uninformed investors ...

This study uses the segmented dual-class shares of Chinese firms---A shares traded inside mainland China by local investors and H shares traded in Hong Kong by foreign investors---to analyze how local and foreign investors react to public news about the same firms. We find significant heterogeneity in their reactions. First, foreign investors react more strongly to earnings announcements. Secon...