An Empirical Analysis of Primary Stock Listed in Taiwan.

• Main Authors: Yi-Ching Lin, 林怡青
• Other Authors: Jian-Shen Chen
• Format: Others
• Language: zh-TW
• Published: 2012
• Online Access: http://ndltd.ncl.edu.tw/handle/41138286697143453459

碩士 === 朝陽科技大學 === 保險金融管理系碩士班 === 100 === To encourage foreign companies to list in Taiwan on the Taiwan Stock Exchange (TSEC) or GreTai Securities Market (Over The Counter, OTC), the "1-2-3 Project for Exchange Listings by foreign Firms." was passed in May 2008, allowing foreign firms to directly list their shares in TSEC or OTC. Book building has dominated the primary market in terms of pricing and allocation in stock market. We’ve investigate the underpricing Primary Stock Listed in Taiwan from 2009 to 2011. There are 14 foreign companies of primary stock listed in Taiwan during the period of 2009 to 2011 and taking the new underwriting system. This study intends to explore the influence of implement new underwriting system into practice in March, 2005 and book building on offer price, underpricing, returns and fluctuations from primary stocks listed in Taiwan. After implement new underwriting system and book building the volume of issuing companies are increasing but the odd ratio are lower than before.