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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/31448

    Title: 新上市股票承銷價格低估 : 承銷新制與舊制之比較
    Other Titles: Underpricing of initial public offerings : the comparison between new and old underwriting system
    Authors: 陳思如;Chen, Szu-ju
    Contributors: 淡江大學財務金融學系碩士班
    林蒼祥;Lin, William T.
    Keywords: 新上市(櫃);異常報酬;逆選擇假說;訊號發射假說;Initial public offerings;UNDERPRICING;adverse-selection hypothesis;signaling hypothesis
    Date: 2009
    Issue Date: 2010-01-11 00:43:03 (UTC+8)
    Abstract: 本研究以2003年1月到2007年6月,台灣新上市(櫃)股票為研究樣本,同時使用四種衡量異常報酬方法搭配三種不同基準報酬,計算出三段短期與三段長期期間之平均異常績效,針對以下問題進行討論:
    The long-run and the short-run stock price performance of the IPOs of common stock listed on Taiwan-stock-exchange and the Over-the-counter market in Taiwan was studied, the period was from January 2003 to June 2007. We detected the short-run and the long-run abnormal returns based on different methods of calculating abnormal returns and different approaches for developing a long-run returns benchmark.
    The experiment result shows the short-run abnormal returns still exist after the revolution of underwriting system in Taiwan. And the abnormal returns have the trend to be more apparent. However, after excluding the short-run abnormal returns, the long-run abnormal returns will not exist. This result means Initial Public Offerings (IPOs) have short-run abnormal returns are caused by the under-price instead of the deviation to the real value in the beginning of stock.
    The purpose of underpricing includes the reasons that companies want to express the good constitution via the under-price and compensate investors for the reverse-selection risks. Therefore, adverse-selection hypothesis and signaling hypothesis may explain the purpose of underpricing IPOs. Perhaps, due to the offer price was set based on emerging stock prices by issuing companies and underwriters, investors may receive the information of the degree of the under-pricing by emerging stock price.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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