We study how the heterogeneity in investment horizons of local institutional investors affects the IPO market. Because short-term investors prefer more liquid stocks than long-term investors do and IPO stocks have high liquidity in the aftermarket, a higher presence of local short-term investors should be related to higher IPO underpricing. We test this hypothesis by constructing a geography-based measure of “local short-term presence”, which captures the cross-sectional variations in regional investor horizon clienteles. We find that local short-term presence is strongly positively related to IPO underpricing. Our results are consistent with the view that investor-base heterogeneity affects asset returns.

我们研究了本地机构投资者投资期限的异质性如何影响 IPO 市场。由于短期投资者比长期投资者更喜欢流动性更强的股票，而且IPO股票在售后市场具有较高的流动性，因此本地短期投资者的较高存在应该与较高的IPO抑价有关。我们通过构建基于地理的“本地短期存在”度量来测试这一假设，该度量捕捉区域投资者视野客户的横截面变化。我们发现本地短期存在与 IPO 抑价呈强烈正相关。我们的结果与投资者基础异质性影响资产回报的观点一致。