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Individual Investors’ Participation and Divergence of Opinion in New Issue Markets: Evidence From Malaysia

We investigate the effects of individual investors participation on after-market divergence of opinion (DOP) for 269 Malaysian fixed-price initial public offerings (IPOs). Our findings show that individual investor participation moderates the relationship between initial performance and after-market investors opinion. Furthermore, our findings suggest that individual investors who participate in initial public offerings dispose their holdings quickly to take advantage of DOP in the after-market. However, the aftermarket investors are not willing to pay higher for IPOs sold by the participating individual investors. Our analysis across market conditions shows that the initial performance of IPOs with greater individual investor participation in (i) hot issues is inversely related to after-market DOP and, (ii) cold issues is positively related to after-market DOP (indicating signs of aversion to losses).