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
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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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
Journal: Finance Research Letters - Volume 22, August 2017, Pages 11-19
نویسندگان
Huang Hsin-Yi, Chiang Min-Hsien, Lin Jia-Hui, Lin Yun,