Abstract The IPO process is a way for companies to improve their corporate governance and for investors to assess company quality. This paper posits that investor choices vary with differences in investment ability and experience. Three groups of investors with large holdings, namely individual investors, blue-chip institutional investors and underperforming institutional investors, are compared by their use of three types of corporate governance information: board characteristics, equity structure and affiliated relationships. Overall, institutional investors make greater use of corporate governance information than individual investors, with blue-chip institutional investors making the greatest use. Further, bull-bear markets exert a significant influence on the behavior of both individual and underperforming institutional investors. These results enrich the IPO literature and contribute to optimal social fund allocation in the stock market.

中文翻译：

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所有认购新股票的投资决策是否都没有考虑？

摘要IPO流程是公司改善公司治理和投资者评估公司质量的一种方式。本文认为，投资者的选择会随投资能力和经验的不同而变化。通过使用三种类型的公司治理信息（董事会特征，股权结构和关联关系）来比较三类拥有大量股份的投资者，即个人投资者，蓝筹机构投资者和表现不佳的机构投资者。总体而言，与个人投资者相比，机构投资者对公司治理信息的使用更多，而蓝筹机构投资者则使用最多。此外，牛市对个人投资者和表现不佳的机构投资者的行为均产生重大影响。