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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/106270

    Title: Do IPOs Matter for Price Limits? Evidence from Taiwan
    Other Titles: IPOs會影響漲跌停板?台灣實證
    Authors: Yensen Ni;Paoyu Huang
    Keywords: Price limit;IPO;Investors' sentiments;Corporate governance;Board structure
    Date: 2015-11
    Issue Date: 2016-04-22 13:43:59 (UTC+8)
    Publisher: Elsevier BV
    Abstract: Given that the price limit hit is prominently displayed on the screen of the Taiwan Stock Exchange (TWSE), we explore whether price limits occur in initial public offering (IPO) firms according to the assumption that the sentiments of investors tend to be aroused by firms issuing IPOs and the price limit hit. Results reveal that price limits often occur in IPO stocks. The above phenomena do not only occur during the IPO issuing year, but may also be extended to the following year. We infer that several IPO firms tend to manipulate share prices, especially for technology and high-underpricing IPO firms. The results of this study may be interpreted from the sentiments of investors via the viewpoint of behavioral finance.
    Relation: The Quarterly Review of Economics and Finance 58, p.74-83
    DOI: 10.1016/j.qref.2015.01.008
    Appears in Collections:[管理科學學系暨研究所] 期刊論文

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