Why does IPO Volume Fluctuate So Much in Taiwan''s Market?
碩士 === 逢甲大學 === 財務金融學所 === 98 === This paper compares the extent to which the aggregate capital demands of private firms, the adverse-selection costs of issuing equity, and the level of investor optimism can explain the fluctuation of IPO volume over time. Empirical tests include both aggregate and...
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ndltd-TW-098FCU053040122016-04-20T04:18:19Z http://ndltd.ncl.edu.tw/handle/56951496414570675280 Why does IPO Volume Fluctuate So Much in Taiwan''s Market? 台灣初次公開發行市場發行量長期波動原因之研究 Ying-Chieh Hung 洪瑩潔 碩士 逢甲大學 財務金融學所 98 This paper compares the extent to which the aggregate capital demands of private firms, the adverse-selection costs of issuing equity, and the level of investor optimism can explain the fluctuation of IPO volume over time. Empirical tests include both aggregate and industry-level time-series regressions. Empirical results indicate that firm’s demands for capital are important determinants of IPO volume. When conditions in the economy are better, firm’s demands for capital tend to be higher. However, there is little support for information asymmetry as a determinant of IPO volume. This study shows that IPO volume is positively related to firm’s demands for capital and information asymmetry, whereas the fluctuations in IPO volume are not driven by changes in investor sentiment. Hsin-Heng Chu 朱心蘅 2010 學位論文 ; thesis 50 zh-TW |
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碩士 === 逢甲大學 === 財務金融學所 === 98 === This paper compares the extent to which the aggregate capital demands of private firms, the adverse-selection costs of issuing equity, and the level of investor optimism can explain the fluctuation of IPO volume over time. Empirical tests include both aggregate and industry-level time-series regressions.
Empirical results indicate that firm’s demands for capital are important determinants of IPO volume. When conditions in the economy are better, firm’s demands for capital tend to be higher. However, there is little support for information asymmetry as a determinant of IPO volume. This study shows that IPO volume is positively related to firm’s demands for capital and information asymmetry, whereas the fluctuations in IPO volume are not driven by changes in investor sentiment.
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Hsin-Heng Chu |
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Hsin-Heng Chu Ying-Chieh Hung 洪瑩潔 |
author |
Ying-Chieh Hung 洪瑩潔 |
spellingShingle |
Ying-Chieh Hung 洪瑩潔 Why does IPO Volume Fluctuate So Much in Taiwan''s Market? |
author_sort |
Ying-Chieh Hung |
title |
Why does IPO Volume Fluctuate So Much in Taiwan''s Market? |
title_short |
Why does IPO Volume Fluctuate So Much in Taiwan''s Market? |
title_full |
Why does IPO Volume Fluctuate So Much in Taiwan''s Market? |
title_fullStr |
Why does IPO Volume Fluctuate So Much in Taiwan''s Market? |
title_full_unstemmed |
Why does IPO Volume Fluctuate So Much in Taiwan''s Market? |
title_sort |
why does ipo volume fluctuate so much in taiwan''s market? |
publishDate |
2010 |
url |
http://ndltd.ncl.edu.tw/handle/56951496414570675280 |
work_keys_str_mv |
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