期刊論文
學年 | 101 |
---|---|
學期 | 1 |
出版(發表)日期 | 2012-11-30 |
作品名稱 | The Partial Adjustment of IPO Prices to Public Information and Issuing Methods in Taiwan |
作品名稱(其他語言) | |
著者 | Hsieh, Chih-jou |
單位 | 淡江大學國際企業學系 |
出版者 | Amsterdam: Elsevier BV North-Holland |
著錄名稱、卷期、頁數 | Pacific-Basin Finance Journal 20(5), pp.660-687 |
摘要 | Using 1997 to 2009 exchange-listed data, we examine the treatment of public information by underwriters throughout the entire initial public offering (IPO) price-setting process in Taiwan. We find that regardless of which mechanism (fixed-price, auctions, or book-building) an issuer has chosen, the partial adjustment of the IPO offer prices to public information is evident in our study. Although both fixed-price and book-built issues show a modest but statistically significant relationship between market returns and the level of initial returns, we find economically meaningful effects for both issuing methods. Our findings also demonstrate that auctioned IPOs exhibit strong evidence of partial adjustment to market returns. That is to say, the estimated effect is statistically and economically significant. Therefore, we attempt to provide rational explanations for such phenomena. |
關鍵字 | |
語言 | en_US |
ISSN | 0927-538X |
期刊性質 | 國外 |
收錄於 | SSCI |
產學合作 | |
通訊作者 | chsi9094@mail.tku.edu.tw |
審稿制度 | 是 |
國別 | NLD |
公開徵稿 | |
出版型式 | ,電子版 |
相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/92384 ) |