Table 3 Investor network clusters’ statistics

From: Clusters of investors around initial public offering

ISIN

Unique clusters Y1

Unique clusters Y2

Persisting clusters Y1 → Y2

Unique investors Y1

Active investors Y1

Unique investors Y2

Active investors Y2

Active investors Y1 ∩ Y2

Median cluster size

FI0009004881

1/14 (7%)

1/10 (10%)

 

714

107

875

111

38

3 (2)

FI0009800346

0/28 (0%)

4/40 (10%)

10 → 10

3747

251

4410

316

117

3 (4)

FI0009800320

1/8 (13%)

0/21 (0%)

3 → 3

1867

106

2365

146

48

4 (3)

FI0009900336

0/0 (0%)

0/11 (0%)

 

441

22

1465

90

10

0 (4)

FI0009005318

0/5 (0%)

0/13 (0%)

1 → 1

545

51

653

74

19

2 (2)

FI0009800643

0/5 (0%)

0/32 (0%)

1 → 1

536

50

2730

261

23

3 (3)

FI0009005870

0/6 (0%)

0/14 (0%)

1 → 1

947

68

734

67

22

2 (2)

FI0009005953

1/14 (7%)

0/10 (0%)

1 → 1

2108

131

2509

104

46

2 (2)

FI0009005961

0/30 (0%)

4/65 (6%)

11 → 13

3570

280

5555

501

159

3 (4)

FI0009005987

8/82 (10%)

11/110 (10%)

29 → 32

11,093

678

15,139

906

314

3 (4)

FI0009006381

0/32 (0%)

0/38 (0%)

2 → 2

5277

226

4085

316

74

3 (3)

FI0009006415

0/11 (0%)

0/5 (0%)

 

1258

85

601

35

9

3 (2)

FI0009005805

1/39 (3%)

1/12 (8%)

 

4835

294

1560

102

42

3 (3)

FI0009006589

0/11 (0%)

0/1 (0%)

 

1853

92

274

20

7

3 (2)

FI0009006621

2/66 (3%)

1/63 (2%)

6 → 7

14,372

469

11,033

565

155

4 (5)

FI0009006738

0/38 (0%)

3/71 (4%)

2 → 2

5789

305

7261

542

84

2 (3)

FI0009006696

0/5 (0%)

0/5 (0%)

1 → 1

1073

72

672

39

15

3 (3)

FI0009006761

0/8 (0%)

0/7 (0%)

 

1000

52

1252

55

17

4 (3)

FI0009007017

0/0 (0%)

1/4 (25%)

 

534

29

888

38

8

0 (2)

FI0009007025

0/9 (0%)

0/20 (0%)

1 → 1

1025

68

1951

125

29

2 (2)

FI0009007066

0/8 (0%)

0/3 (0%)

 

1984

60

341

28

14

3 (2)

FI0009006829

0/5 (0%)

1/15 (7%)

1 → 1

1902

56

3212

136

27

2 (3)

FI0009007215

3/10 (30%)

1/25 (4%)

1 → 1

1673

83

2952

156

21

5 (2)

FI0009007264

7/113 (6%)

52/475 (11%)

68 → 98

8067

854

43745

4288

482

3 (4)

FI0009007371

20/272 (7%)

136/818 (17%)

227 → 389

33,419

2633

82,702

10,050

1467

6 (7)

FI0009007355

0/1 (0%)

0/0 (0%)

 

747

13

774

32

6

2 (0)

FI0009007132

8/111 (7%)

0/54 (0%)

5 → 6

22,617

943

18,156

514

218

5 (6)

FI0009007629

0/2 (0%)

0/12 (0%)

 

596

53

1426

91

14

2 (3)

FI0009801286

0/15 (0%)

0/1 (0%)

 

3191

115

968

38

16

4 (2)

FI0009007553

6/81 (7%)

2/99 (2%)

17 → 16

9492

657

9449

997

182

4 (3)

FI0009007728

1/44 (2%)

1/31 (3%)

1 → 1

7219

303

3355

322

76

4 (2)

FI0009007546

0/1 (0%)

0/0 (0%)

 

232

26

97

7

5

2 (0)

FI0009007686

2/5 (40%)

0/1 (0%)

 

753

45

417

22

3

2 (2)

FI0009007694

4/27 (15%)

0/2 (0%)

 

2774

176

1909

88

28

3 (2)

FI0009006886

2/11 (18%)

0/2 (0%)

 

1849

103

819

39

11

2 (2)

FI0009007819

4/135 (3%)

2/123 (2%)

13 → 14

16608

1223

8287

1117

329

6 (5)

FI0009007835

2/41 (5%)

0/34 (0%)

4 → 4

6320

283

3910

235

85

3 (3)

FI0009007884

11/136 (8%)

2/100 (2%)

4 → 3

58,326

1049

20,940

934

277

3 (5)

FI0009008080

1/11 (9%)

0/9 (0%)

1 → 1

1296

91

1094

102

27

2 (3)

FI0009007918

1/87 (1%)

1/79 (1%)

9 → 10

7136

802

7199

1051

256

6 (6)

FI0009801310

15/169 (9%)

4/218 (2%)

79 → 84

30,706

2328

20,898

2497

672

2 (7)

FI0009008221

38/337 (11%)

8/252 (3%)

198 → 172

35,617

3454

17,235

2541

985

7 (6)

FI0009902530

6/62 (10%)

2/65 (3%)

8 → 8

25,808

572

12,223

614

200

6 (5)

FI0009008924

0/12 (0%)

1/2 (50%)

 

2644

151

1070

74

27

4 (2)

FI0009008833

0/2 (0%)

0/3 (0%)

 

674

35

615

45

14

2 (2)

FI0009009146

2/28 (7%)

0/1 (0%)

1 → 1

3444

285

1188

70

34

2 (2)

FI0009009054

1/8 (13%)

1/8 (13%)

 

1832

135

1120

112

34

2 (2)

FI0009009633

4/19 (21%)

1/14 (7%)

 

2847

224

1771

107

33

2 (3)

FI0009009567

4/12 (33%)

0/8 (0%)

 

1614

112

1380

96

28

2 (2)

FI0009008270

6/53 (11%)

0/12 (0%)

 

5743

442

2558

137

64

3 (2)

FI0009009674

1/24 (4%)

1/13 (8%)

4 → 4

2033

226

3746

161

88

4 (6)

FI0009009377

1/5 (20%)

1/6 (17%)

 

2779

151

2329

133

26

2 (2)

FI0009010219

1/8 (13%)

1/5 (20%)

 

1438

84

1078

66

19

4 (2)

FI0009010854

0/2 (0%)

0/14 (0%)

 

573

41

1164

114

19

4 (4)

FI0009010862

0/5 (0%)

1/10 (10%)

 

879

66

1604

99

16

2 (4)

SE0000667925

22/120 (18%)

7/129 (5%)

8 → 9

17,759

1186

21,725

1580

476

4 (7)

SE0000110165

1/4 (25%)

0/0 (0%)

 

576

43

176

9

3

2 (0)

FI0009012843

5/54 (9%)

2/64 (3%)

5 → 5

8047

464

9609

818

183

5 (6)

FI0009013296

33/262 (13%)

42/336 (13%)

180 → 221

24,350

3518

22,421

3603

1555

7 (7)

FI0009013429

12/133 (9%)

5/89 (6%)

26 → 24

9945

1016

6012

691

326

3 (3)

FI0009013312

3/26 (12%)

0/13 (0%)

2 → 1

2667

224

1204

125

52

4 (4)

FI0009013403

11/112 (10%)

4/92 (4%)

45 → 44

10234

1084

7952

769

409

2 (3)

FI0009013924

3/29 (10%)

1/11 (9%)

 

1804

192

2104

235

43

2 (2)

FI0009010391

3/37 (8%)

6/50 (12%)

3 → 3

8822

306

5915

434

114

3 (5)

FI0009013593

3/17 (18%)

0/0 (0%)

 

2345

162

870

9

4

3 (0)

FI0009014344

2/3 (67%)

0/0 (0%)

 

2815

83

1128

34

15

2 (0)

FI0009014351

11/56 (20%)

0/6 (0%)

 

10,338

399

3267

135

69

2 (2)

FI0009012413

11/22 (50%)

5/22 (23%)

1 → 1

4788

243

6627

237

62

2 (5)

FI0009015309

9/64 (14%)

3/29 (10%)

1 → 1

6748

521

2208

187

95

3 (4)

  1. Columns ‘Unique clusters Y1 (Y2)’ show the number of asset-specific investor clusters over all clusters observed in the first (second) year networks. Here, asset-specific investor clusters are defined as those that were not observed in other IPO networks. The number in the brackets () shows the ratio in percentage. ‘Persisting clusters Y1 → Y2’ shows the number of clusters with statistically significant overlaps in the first and the second years. Note that clusters split and merge, and thus the number of persisted clusters is not necessarily the same for both years. Columns ‘Unique investors Y1 (Y2)’ show the total number of investors per ISIN in a year. Columns ‘Active investors Y1 (Y2)’ show the total number of investors who traded at least 5 days per ISIN in a year. The column ‘Active investors Y1 ∩ Y2’ shows the total number of investors who traded at least 5 days per ISIN in both first and second year after IPO. The column ‘Median cluster size’ shows the number of investors in a median-sized cluster in the first (second) year network. ISINs from the error-free set are marked in bold
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