The information structure that makes the offering price and long-term performance of IPOs ─ from the piont of view of different trading markets.
碩士 === 東吳大學 === 國際貿易學系 === 90 === Abstract The purpose of this paper is to discuss the effect of the offering price and long-term performance of Initial Public Offerings (IPOs) under different trading systems with dissimilar listing limitation. It can be divided into two topics by the q...
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ndltd-TW-090SCU003230012015-10-13T14:41:25Z http://ndltd.ncl.edu.tw/handle/35578835752111962721 The information structure that makes the offering price and long-term performance of IPOs ─ from the piont of view of different trading markets. 從發行市場探討資訊結構對承銷價錯估與長期績效的影響 Cheng Ju Yang 陽承儒 碩士 東吳大學 國際貿易學系 90 Abstract The purpose of this paper is to discuss the effect of the offering price and long-term performance of Initial Public Offerings (IPOs) under different trading systems with dissimilar listing limitation. It can be divided into two topics by the quality of information in different trading systems. First, under information asymmetric, most IPOs have abnormal returns (positive or negative) because of the underpricing or overpricing. And abnormal return of IPOs is different to some extent in different trading systems. By using Logistic Regression Model, we try to explain the relation between the difference of abnormal return and information quality of trading markets. Our survey concludes that the limitation of the size of IPOs in the different trading system will affect the extent of underpricing or overpricing. It’s obvious that the offering price of IPOs is better estimated in the market that has better information quality. Second, the study uses the average return of asset, turnover rate of total asset and average sales in three consecutive years as proxies to examine long-term performance of IPOs in different treading markets. Our empirical results show that the long-term performance of firms which go public in Taiwan Stock Exchange (TSE) is better than that in Over the count (OTC). We also find that the firm size, EPS and offering price will significantly affect the long-term performance of IPOs. The evidence reveals that the better the information quality of a trading market the better the long-term performance of IPOs. Shuh Liang 梁恕 2002 學位論文 ; thesis 73 zh-TW |
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碩士 === 東吳大學 === 國際貿易學系 === 90 === Abstract
The purpose of this paper is to discuss the effect of the offering price and long-term performance of Initial Public Offerings (IPOs) under different trading systems with dissimilar listing limitation. It can be divided into two topics by the quality of information in different trading systems.
First, under information asymmetric, most IPOs have abnormal returns (positive or negative) because of the underpricing or overpricing. And abnormal return of IPOs is different to some extent in different trading systems. By using Logistic Regression Model, we try to explain the relation between the difference of abnormal return and information quality of trading markets. Our survey concludes that the limitation of the size of IPOs in the different trading system will affect the extent of underpricing or overpricing. It’s obvious that the offering price of IPOs is better estimated in the market that has better information quality.
Second, the study uses the average return of asset, turnover rate of total asset and average sales in three consecutive years as proxies to examine long-term performance of IPOs in different treading markets. Our empirical results show that the long-term performance of firms which go public in Taiwan Stock Exchange (TSE) is better than that in Over the count (OTC). We also find that the firm size, EPS and offering price will significantly affect the long-term performance of IPOs. The evidence reveals that the better the information quality of a trading market the better the long-term performance of IPOs.
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Shuh Liang |
author_facet |
Shuh Liang Cheng Ju Yang 陽承儒 |
author |
Cheng Ju Yang 陽承儒 |
spellingShingle |
Cheng Ju Yang 陽承儒 The information structure that makes the offering price and long-term performance of IPOs ─ from the piont of view of different trading markets. |
author_sort |
Cheng Ju Yang |
title |
The information structure that makes the offering price and long-term performance of IPOs ─ from the piont of view of different trading markets. |
title_short |
The information structure that makes the offering price and long-term performance of IPOs ─ from the piont of view of different trading markets. |
title_full |
The information structure that makes the offering price and long-term performance of IPOs ─ from the piont of view of different trading markets. |
title_fullStr |
The information structure that makes the offering price and long-term performance of IPOs ─ from the piont of view of different trading markets. |
title_full_unstemmed |
The information structure that makes the offering price and long-term performance of IPOs ─ from the piont of view of different trading markets. |
title_sort |
information structure that makes the offering price and long-term performance of ipos ─ from the piont of view of different trading markets. |
publishDate |
2002 |
url |
http://ndltd.ncl.edu.tw/handle/35578835752111962721 |
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