کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5069213 1476982 2017 16 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Fixed-price, auction, and bookbuilding IPOs: Empirical evidence in Taiwan
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Fixed-price, auction, and bookbuilding IPOs: Empirical evidence in Taiwan
چکیده انگلیسی
This study investigates the effects of three initial public offering (IPO) methods-namely, fixed-price, auction, and bookbuilding, all of which have been brought into practice in Taiwan-on post-IPO performance and the trading behavior of institutional investors. Of these three methods, the empirical results show that bookbuilding IPOs exhibit significantly higher initial returns and institutional ownership of stock offerings, and that auction IPOs have higher long-run returns. The price effect of institutional herding and flipping behavior with respect to fixed-price IPOs significantly erode long-run IPO performance.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Finance Research Letters - Volume 22, August 2017, Pages 11-19
نویسندگان
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