Abstract The price of the initial public offerings should reflect the real value of the issuers. To quote the IPOs is very important in underwriting process. The mainly roles in IPOs are investors¡]buyer¡^, issuers¡]supplier¡^, and underwriters¡]broker¡^. The pricing-decisions on IPOs are opposite between investors and issuers. It is difficult for underwriters to equalize among risk adverse, specialistic goodwill, and maintenance of clients¡¦ relationship. This research tries to find out the effect factors to underwriters. This research observed 104 IPOs in Taiwan during the period of January 2001 to February 2003. The methods to analyze the data are mainly blocked analysis¡]including six blocks¡^, Pearson correlation analysis and multiple regression analysis. According to the results of empirical research, we can get conclusions as followings: 1.The effect factors of IPO¡¦s are ¡§the favorites with industry¡¨, and ¡§operating performance¡¨. They are statistically significant. 2. The factors of ¡§unit cost of the majority¡¨ and ¡§sales consideration¡¨ which underwriters and issuers always negotiated are not statistically significant. 3.the IPO¡¦s who booked on Emerging Stock are higher than the others.

本研究在探討申請上市（櫃）公司撤件的原因，分別從公司特性、承銷商特性、市場狀況及承銷案特性等面向，就初次申請上市（櫃）申請案及上櫃轉上市申請案，探討影響其申請上市（櫃）後發生撤件的原因。 研究對象是以民國95年至98年8月向台灣證券交易所或證券櫃檯買賣中心申請掛牌的公司為樣本，包括：初次申請上市（櫃）共計樣本153家公司，其中成功上市（櫃）案129家，撤件或退件案24家；上櫃轉上市共計42家，其中成功上櫃轉上市計35家，自行撤件7家。 在各項因素中，實證結果發現初次申請上市（櫃）的案件中，電子產業企業發生IPO撤件的機率較小。另外，創投公司持股的影響也在初次申請上市（櫃）的情形中顯著，說明有創投持股的公司發生IPO撤件的機率較小。 負債比率也被證實是區分成功案與失敗案的重大指標。在初次申請上市（櫃）案的迴歸模型中，正的迴歸係數也指出較高的負債比率發生撤件的機率較高。而成功案與失敗案在其餘財務特性，如：資產規模、銷貨收入、稅前息前折舊前淨利並無顯著差異。 在承銷商商譽及市場榮枯的代理變數方面，在初次申請上市（櫃）的情形下，實證結果顯示，成功案的承銷商商譽的確較失敗案為佳，申請後的市場報酬也較高。但對於申請上櫃轉上市的成功與否，承銷商商譽及市場榮枯兩面向的代理變數無證據顯示其有顯著影響。

<p>Uppsatsen behandlar fenomenet med tajming av börsintroduktioner. Syftet är att först</p><p>undersöka om det finns ett samband mellan antalet årliga IPOs i Sverige och den</p><p>generella utvecklingen på börsen, och vilka orsaker som kan tänkas ligga bakom ett</p><p>eventuellt samband. Vidare testas hypotesen att IPOs som skett i tider av kraftig</p><p>börsuppgång värderats högre än introduktioner som skett då börsen haft en negativ</p><p>kursutveckling. Undersökningarna genomförs med två regressionsmodeller, på data</p><p>över svenska börsintroduktioner mellan 1979–2004.</p><p>Ur resultaten framgår att det i Sverige finns ett tydligt samband mellan antalet årliga</p><p>IPOs och börsens allmänna utveckling. Dessutom visar undersökningen att denna IPO</p><p>tajming, inte med all säkerhet, leder till en högre värdering av börsintroduktioner.</p>

Immediately following public offerings, underwriters often repurchase shares of poorly performing IPOs in an apparent attempt to stabilize the price. Using proprietary Nasdaq data for a large sample of IPOs, I study the price effects and cross-sectional determinants of price support. Some of the key findings are: (1) Price stabilization is substantial, inducing significant price rigidity at and below the offer price. Stabilization appears, at least in the short run, to raise the equilibrium stock price. (2) Many studies suggest that stabilization helps to mitigate information asymmetry problems in the IPO market. I find no evidence that stocks with larger ex-ante information asymmetries are stabilized more strongly. (3) The characteristics of the lead underwriter emerge as the strongest determinants of price support. Larger and more reputable investment banks stabilize more, perhaps to protect their reputations with investors. But there are substantial differences in price support even among the largest underwriters (after controlling for IPO characteristics and underwriter size). (4) Investment banks with retail brokerage operations stabilize much more than other large investment banks. This puzzling result seems inconsistent with the common view that stabilization benefits primarily institutional investors, and I outline and examine several alternative explanation

Uppsatsen behandlar fenomenet med tajming av börsintroduktioner. Syftet är att först undersöka om det finns ett samband mellan antalet årliga IPOs i Sverige och den generella utvecklingen på börsen, och vilka orsaker som kan tänkas ligga bakom ett eventuellt samband. Vidare testas hypotesen att IPOs som skett i tider av kraftig börsuppgång värderats högre än introduktioner som skett då börsen haft en negativ kursutveckling. Undersökningarna genomförs med två regressionsmodeller, på data över svenska börsintroduktioner mellan 1979–2004. Ur resultaten framgår att det i Sverige finns ett tydligt samband mellan antalet årliga IPOs och börsens allmänna utveckling. Dessutom visar undersökningen att denna IPO tajming, inte med all säkerhet, leder till en högre värdering av börsintroduktioner.

Prior relative studies document that the initial underpricing and long-term underperformance of IPOs are due to information asymmetry and investors¡¦ misevaluations. However, these studies rarely identify the source of information asymmetry. The purpose of this study is to identify the contribution of R&D to information asymmetry. We then discuss the influence of R&D on initial underpricing of IPOs, and examine whether the long-term underperformance exists in R&D-intensive companies or not. Based on a sample of 702 Taiwen IPOs issued during 1991-2003, this study identify the source of information asymmetry ¡X the R&D activities of issuers. Our findings indicate that these activities significantly affect both the initial underpricing of IPOs and their long-term performance. The results can be summarized as follows. (1) R&D is positively correlated with underpricing. (2) R&D is positively related to long-term performance.

More and more events and anomalies that have happened in recent years cannot be explained by traditional models, which leads to a pervasive doubt of the effectiveness of the efficient market hypothesis. In particular, over ninety percent of Taiwan¡¦s stock market investors are individuals, and the noise trading phenomenon is very common and has a great effect upon the return of stock. Hence, the measure of investor sentiment formed by noise traders becomes a task for the researcher studying the factors which effect the stock return in Taiwan. The objective of this paper is to find the investor sentiment proxy variables which can be a significant factor in explaining stock return. This analysis adopts the arbitrage pricing model of the macroeconomic factors. The sample contains data for most listed stocks on the Taiwan Stock Exchange from 1984 to 2002. By combining the stock or company characteristic related to the noise traders¡¦ perception, including market value, stock and etc., and phenomenons effect by investor sentiment, including closed-end fund discount, initial returns on IPOs, and number of IPOs to the arbitrage pricing model , we found that closed-end fund discount and initial returns on IPOs are significant and appropriate to investor sentiment proxy variables. However, the number of IPOs is not significant enough

We analyze institutional allocation in initial public offerings (IPOs) using a new data set of R.O.C. offerings between 2005 and 2006. We document a positive relationship between institutional allocation and day one IPOs returns. This is partly explained by the practice of giving institutions more shares in IPOs with strong premarket demand, consistent with Book Building theories. However, institutional allocation also contains private information about first-day IPOs returns not reflected in premarket demand and other public information. Our evidence supports Book Building theories of IPO underpricing, but suggests that institutional allocation in Underpriced issue is in excess of that explained by Book Building alone.

When a privately-held firm goes public through an IPO ¡]initial public offering¡^, the ownership structure of the IPO firm would change due to external equity financing. The ownership structure is related to the firm performance with respect to the corporate finance theory. Therefore, we agree that the relationship between the ownership structure and IPO long-run performance is worth examining. With respect to the corporate control and agency theory, we investigate the effect of the increase of insider ownership on the performance of IPO firms. We show that the increase of board ownership deteriorates the long-run performance of IPO firms. However, the increase of the institutional ownership improves IPO long-run performance. Basically, the agency theory implies that there exists positive relations between the insider ownership and performance and between the institutional ownership and performance. However, the corporate control theory agrees that the higher the insider ownership, the poorer the performance of the firms. Therefore, our results show that the institutional ownership can mitigate the agency problem while the role of corporate control subsumes the agency problem with respect to the insider ownership.

ABSTRACT Prior relative studies document that the mean initial returns of IPOs is significantly positive. Yet, several researches find that the positive abnormal returns appear to be a short-run phenomenon, and the long-run performance of IPOs is poor even negative. Based on a sample of 151 Taiwan IPO firms issued form 1991 to 1996, this study employ the Fama-French three factors model to measure the expected returns of securities. Consistent with predictions, the empirical results show positive short-run returns and a negative long run returns. Meanwhile, there is a negative relationship between institutional ownership and the holding period abnormal returns aftermarket. The conclusion is consistent with the concerns of long-term profitability of institutional investors, as they used to buy low for the benefits of long-term profits. This study also examines the influential factors of institutional ownership. The findings indicate that both firm size and insiders are significantly positive related to institutional ownership. However, neither managerial ownership nor debt is related to institutional ownership. On the other hand, there is significantly negative relationship between stock dividend and institutional ownership, except the second year. At the initial and the first month, cash dividend is negative related to institutional ownership, and industry dummy variable (electronic industry or not) is positive related to institutional ownership. Besides, there is no relationship between cash dividend and institutional ownership, nor was there any relationship between industry dummy variable and institutional ownership. According to the findings, most institutional investors want to maintain the diversification and long-term profits of the portfolio investment.