教師資料查詢 | 類別: 期刊論文 | 教師: 趙慶祥CHAO, CHING-HSIANG (瀏覽個人網頁)

標題:The Joint Decision to Signal through IPO Underpricing and Lockup
學年98
學期1
出版(發表)日期2009/09/15
作品名稱The Joint Decision to Signal through IPO Underpricing and Lockup
作品名稱(其他語言)
著者Chih-Jen Huang; C.J. Huang; T.L. Liao
單位
出版者
著錄名稱、卷期、頁數Applied Economics Letters, vol.17, 955-961
摘要Before Initial Public Offerings (IPOs), the decisions on the offering price and lockup are made simultaneously. This study examines the endogenous relation between underpricing and lockup duration. We adopt the three-stage least square method to estimate a set of the simultaneous equations model, including the inverse Mill's ratio to correct the self-selective bias into the use of lockup. The results indicate a negative association between underpricing and the length of lockup, supporting our signalling hypothesis that IPO firms and underwriters employ underpricing and lockup duration in a substituted way to signal the firm quality. The bivariate analysis provides further support for this view. Our findings offer new insights into how pre-IPO shareholders and underwriters might combine both the underpricing and lockup strategies to signal.
關鍵字
語言英文
ISSN
期刊性質國外
收錄於SSCI;
產學合作
通訊作者
審稿制度
國別美國
公開徵稿
出版型式,電子版,紙本
相關連結
SDGs
  • 優質教育,尊嚴就業與經濟發展,減少不平等
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