教師資料查詢 | 類別: 期刊論文 | 教師: 湯惠雯 Hui-wen Tang (瀏覽個人網頁)

標題:Does IPO subscription demand affect investor herd behavior in Taiwan?
學年106
學期1
出版(發表)日期2017/09/25
作品名稱Does IPO subscription demand affect investor herd behavior in Taiwan?
作品名稱(其他語言)
著者Chao-Shi Wang; Hui-Wen Tang; Roger C.Y. Chen
單位
出版者
著錄名稱、卷期、頁數International Review of Economics & Finance 51, p.258–272
摘要Taiwan's initial public offerings (IPOs) are primarily fixed-price methods, public subscription issues that only allow individual investors to participate. The Taiwan Stock Exchange discloses subscription demand information, after which individual investors request the highest subscription rate shares; this can lead to herding. The empirical results of this study showed that investors exhibit increased attraction toward IPOs with extremely high subscription demand. After identifying sample issues with herd features, herd behavior in Taiwan's IPO market was found to be consistent with the “winner's curse” theory. Additionally, investors overreacted to subscription demand in the short run, which leads to negative long-term returns.
關鍵字Herd behavior;Information cascades;Initial public offerings overreaction;Winner's curse
語言英文
ISSN1059-0560
期刊性質國外
收錄於SSCI;
產學合作
通訊作者Hui-Wen Tang
審稿制度
國別荷蘭
公開徵稿
出版型式,紙本
相關連結
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