Title page for 964208026


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Student Number 964208026
Author Tsai-ling Sung(宋采玲)
Author's Email Address No Public.
Statistics This thesis had been viewed 791 times. Download 5 times.
Department Finance
Year 2008
Semester 2
Degree Master
Type of Document Master's Thesis
Language zh-TW.Big5 Chinese
Title The Effect of the Emerging Stock System on the Underpricing of Initial Public Offerings: Evidence from Taiwan
Date of Defense 2009-07-09
Page Count 63
Keyword
  • Emerging Stock System
  • Initial Public Offerings
  • Underpricing
  • Abstract The study examines the effect of the emerging stock system on the underpricing of initial public offerings (IPO). The sample is all IPOs listed on Taiwan Stock Exchange (TWSE) and Gre Tai Securities (OTC) market in Taiwan from January 2000 to December 2007. We find the new shares are underpricied both on TWSE and OTC IPOs. Furthermore, IPOs are still underpriced even they were listed on the emerging stock system before going public. However, IPOs in which listed on emerging stock system experience less underpricing than those not listed on emerging stock system. Empirical results indicate that the IPO firms listed on emerging market system before going public will release more information to outside investors. Information asymmetry will be mitigated and less unerpricing as a result.
    Table of Content 摘要i
    Abstractii
    誌謝iii
    目錄iv
    表目錄v
    圖目錄vi
    第一章緒論1
    第一節研究背景與動機1
    第二節研究目的6
    第三節研究架構8
    第二章文獻探討10
    第一節承銷價折價現象之相關文獻10
    第二節影響承銷價折價幅度之相關文獻18
    第三章研究方法23
    第一節樣本選取與資料來源23
    第二節研究假說25
    第三節變數定義與衡量26
    第四節統計方法32
    第四章實證結果分析36
    第一節承銷價折價幅度分析36
    第二節不同市場類別對承銷價折價幅度差異分析39
    第三節影響承銷價折價幅度因子之分析41
    第五章結論52
    參考文獻53
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    Advisor
  • Cheng-Yi Shiu(徐政義)
  • Files
  • 964208026.pdf
  • disapprove authorization
    Date of Submission 2009-07-21

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