Influence Of Listing Date On Stock Price

• Main Authors: Yu-Ru Wang, 王郁茹
• Other Authors: Yun-Huan Lee
• Format: Others
• Language: zh-TW
• Published: 2015
• Online Access: http://ndltd.ncl.edu.tw/handle/92311665470464608754

碩士 === 銘傳大學 === 財務金融學系碩士在職專班 === 103 === This paper presents an event study on whether the listing date of companies in the stock or OTC markets leads to abnormal returns in stocks of the same category. Our results indicate that, between three days prior to the listing date to five days after the listing date, abnormal returns appear in nearly 90 % of the other stocks in the same category. This phenomenon is particularly apparent in the stocks of chemical, biotechnology, medical, and electronics corporations. This paper used multiple regression and quantile regression to analyze the relationships between the return rates of the listing year and the number of news reports, lot winning rate, number of years of operation prior to listing, paid-in capital, initial public offering (IPO) price, market value, outstanding shares, price-earnings ratio, price-book ratio, proportion of shares held by directors and supervisors, proportion of shares held by major shareholders, listing type, and stock category. Both analysis methods indicate that annual returns in the year of listing are significantly positively related to price-book ratio and significantly negatively related to lot winning rate, IPO price, price-book ratio, and the proportion of shares held by directors and supervisors.