(一) 二日買進投資策略 就絕對績效而言，上市優於上櫃、非電子股遠優於電子股、小型股遠優於大型股且低價股優於高價股。 (二) 六日買進投資策略 從絕對績效的角度來看，上櫃優於上市、電子股優於非電子股、小型股遠優於大型股且低價股優於高價股。 IPO stocks in Taiwan stock market often have a honeymoon binge, but when market become more mature, the honeymoon binge stealthily muted. In this research, we utilize the deadline of quarterly financial reporting to set two investment strategies by different point of time for buying. (after IPO two days and six days to buy). Besides we base on market type、industry type、company size、IPO price to construct 16 investment portfolios. Furthermore, we evaluate the performance of buy and hold strategy whether can beat the market. According to our empirical study, we want to provide valuable investment strategy to investor. The main empirical findings as below：
1. Same attribute but different strategy
(1) Relative performance There is no difference between two strategies for TSE and OTC IPO stocks. (2) Absolute performance TSE IPO stocks should use after IPO two days to buy strategy, but the OTC IPO stocks are more suited to use after IPO six days buying strategy. The electronic stocks are suitable for after IPO six-day buying strategy, but the non-electronic stocks should use after IPO two days to buy strategy. Regardless of company size, after IPO six days to buy strategy was the most outstanding. The IPO high-priced stocks should be adopted on the after IPO six days to buy strategy, but the IPO low-priced stocks are more applicable to the after IPO two days to buy strategy.
2. Same strategy but different attribute
(1) after IPO two days to buy According to absolute performance, the TSE is better than OTC；the non-electronic stocks outperforms electronic stocks；the small companies outreachs big companies, and the low-priced stocks is better than IPO high-priced stocks to use after IPO two days to buy strategy. (2) after IPO six days to buy From absolute performance point of view, the OTC is better than the TSE；the electronic outreachs non-electronic stocks；the small companies outperforms big companies, and the low-priced stocks is better than high-priced stocks to use after IPO six days to buy strategy.
