| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13314 |
| DP13314 Learning from Noise: Evidence from India’s IPO Lotteries | |
| Vimal Balasubramaniam; Santosh Anagol | |
| 发表日期 | 2018-11-13 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study a natural experiment in which 1.5 million investors participate in allocation lotteries for Indian IPO stocks. Randomized IPO gains cause winning investors to increase applications to future IPOs and substantially increase portfolio trading volume in non-IPO stocks relative to lottery losers; the effects are symmetrically negative for experienced losses. Investors who have received multiple past IPO allocations show smaller responses, suggesting learning/selection moderates responses to noise shocks. The evidence is most consistent with investors learning about their own ability from experienced noise, drawing inferences about their skill from luck. |
| 主题 | Financial Economics |
| 关键词 | Learning Lotteries Causal inference India Experience investment |
| URL | https://cepr.org/publications/dp13314 |
| 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/542128 |
| 推荐引用方式 GB/T 7714 | Vimal Balasubramaniam,Santosh Anagol. DP13314 Learning from Noise: Evidence from India’s IPO Lotteries. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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