| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11328 |
| DP11328 Endowment Effects in the Field: Evidence from India's IPO Lotteries | |
| Vimal Balasubramaniam; Santosh Anagol | |
| 发表日期 | 2016-06-13 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | Winners of randomly assigned initial public offering (IPO) lottery shares are significantly more likely to hold these shares than lottery losers 1, 6, and even 24 months after the random allocation. This effect persists in samples of wealthy and highly active investors, suggesting along with additional evidence that this type of "endowment effect" is not solely driven by portfolio inertia or wealth effects. The effect decreases as experience in the IPO market increases, but persists even for the most experienced investors. These results suggest that agents' preferences and/or beliefs about an asset are not independent of ownership, providing field evidence derived from the behavior of 1.5 million Indian stock investors which is in line with the large laboratory literature documenting endowment effects. We evaluate the extent to which prominent models of endowment effects and/or investor behavior can explain our results. A combination of inattention and non-standard preferences (realization utility) or non-standard beliefs (salience based probability distortions) appears most consistent with our findings. |
| 主题 | Development Economics ; Financial Economics |
| 关键词 | Endowment effect Exchange asymmetry Reference dependence Loss aversion Salience Inattention Lotteries Causal inference India |
| URL | https://cepr.org/publications/dp11328 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/540144 |
| 推荐引用方式 GB/T 7714 | Vimal Balasubramaniam,Santosh Anagol. DP11328 Endowment Effects in the Field: Evidence from India's IPO Lotteries. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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