新股發行後之長期績效：以台灣股市為例

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Title:	新股發行後之長期績效：以台灣股市為例
Other Titles:	The Long-Run Performance Following New Equity Issues: The Taiwan Evidence
Authors:	顧廣平
Contributors:	淡江大學財務金融學系
Keywords:	新上市股票;短期績效;長期績效;承銷價低估;Initial public offerings;Short-run performance;Long-run performance;Underpricing
Date:	2002
Issue Date:	2009-03-16 11:23:02 (UTC+8)
Abstract:	本研究以1989 至1999 年間，291 家初次在台灣證券交易所公開發行之普通股股票為研究樣本，利用各種衡量模式再次探討其上市後短期與長期之報酬績效。發現股票上市之初具有正的異常投資績效，且發現這短期異常報酬逐年下滑。但是，在短期異常現象結束之後，並沒有出現異常的長期績效。這些證據支持短期異常報酬是由於新上市股票承銷價格被低估所致。 This study applies various measurement models to reinvestigate the short-run and long-run performance of 291 initial public offerings (IPOs) of common stock on Taiwan Stock Exchange for the period from 1989 to 1999. I find positive abnormal stock performance subsequent to listing and find these short-run abnormal returns to drop year by year. But, after at end of this short-run abnormal phenomenon, there is not abnormal long-run performance. This evidence supports that the short-run abnormal returns are due to underpricing of IPOs.
Relation:	新股發行後之長期績效：以台灣股市為例
Appears in Collections:	[Graduate Institute & Department of Banking and Finance] Research Paper

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