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台灣自民國五十一年至九十七年期間歷經了七次的承銷制度改革，配售方式由原先的公開抽籤，歷經競價拍賣與公開抽籤並行，一直到民國九十三年，市場旋以詢價圈購為主流。本文除整理台灣承銷市場於此段時期的制度沿革外，並探究民國八十年至九十七年間，三種制度的施行是否直接地造成期初異常報酬的差異。 透過實證研究發現，初次上市上櫃公司選擇不同的承銷配售方式確實對期初報酬的影響程度確有著顯著的不同，而三種方式的期初報酬以詢價圈購為最高，公開申購次之，競價拍賣為價格發現能力最好的承銷配售方式，其結果與國外文獻相同。但對於制度改革而言，與期初報酬並沒有直接關連性。如民國八十四年就已開放詢價圈購方式，但由於其相關承銷規定背離市場習慣，導致此方式乏人問津，直至民國九十三年做更進一步的放寬限制，方才改變市場的承銷配售方式，由此可知法令變革的宣告並無法直接影響期初價格，而是待法令改革之後，實際落實於市場方會改變市場期初報酬的現象。 / There are seven main reforms of initial public offering methods in Taiwan during 1962 to 2008. From the fixed price method transform to auction, and in 2004 the bookbuilding became the mainstream in the IPO market. In this thesis we not only compile the reform processes in IPO methods in Taiwan capital market but also study the relationship between the initial returns and the IPO methods during 1991 to 2008. Through the empirical studies, there are significant differences between the initial returns and three IPO methods. The auction owns the highest initial return and bookbuilding own the best price discovering mechanism. However the reform announcements could not affect the initial returns directly. The bookbuilding method is allowed in 1995 but due to deviating from custom, no firms applied it in the IPO until the further reform in 2004. The simple reform announcement could not affect the initial returns directly.

Vid genomförandet av en börsintroduktion är det viktigt att det företag som ska introduceras kan värderas på ett rättvist och pålitligt sätt. Värderingen bör baseras på bokförda tillgångar och historiska nyckeltal, samt med hjälp av förväntningar om framtiden. Strukturen på olika företag kan variera, allt ifrån stora tillgångsintensiva industriföretag till tjänsteföretag med stor andel humankapital. Humankapital som tillgång är svårt att värdera och utelämnas ofta i finansiella rapporter. Historiska datafrån börsintroduktioner visar att aktiekursen i de flesta fallen har en positiv utveckling under den första dagen till följd av underprissättning. Syftet med denna studie är att undersöka om det föreligger något samband mellan företags tillgångar i form av humankapital och underprissättningen vid börsintroduktion. I studien används en kvantitativ metod, en tvärsnittsstudie genomförs för att eftersöka samband. Data analyseras medhjälp av en multivariat analys. Studiens resultat visar att lönekostnad har en minimalpåverkan på underprissättning. Detta innebär att ett företags totala lönekostnad i relation till antalet anställda inte har någon påtaglig påverkan på underprissättning av aktier vid en börsintroduktion.

I examine the determinants of cross-sectional liquidity in the IPO aftermarket during the period of 1995 through 2005. I find that past price performance, the extent of stock visibility, the mass of informed agents, and certain IPO attributes play a role in explaining IPO trading activity. My empirical evidence shows that differences of opinion and estimation uncertainty about an IPO firm affect little IPO liquidity. My findings contribute to the understanding of determinants of IPO aftermarket trading. I also investigate whether contemporaneous overreaction tends to occur following persistent information in the options market. More specifically, I compare the reactions between growth and value investors, and small and large investors conditional on past price reactions. My empirical results suggest that value investors react more strongly than growth investors following a series of prior information shocks, as measured by the cumulative level of overreaction. Small investors tend to react more strongly than large investors conditional on prior information shock, as measured by the cumulative sign or level of overreaction. The results imply that overreaction is a function of investor types and previous information and contribute to the overreaction hypothesis in the options market.

In this dissertation I examine the informational externalities of going public decisions for industrial and banking sector. The results show that industrial rivals have positive valuation effects only in response to venture backed IPOs and no significant reaction in response to non-venture backed IPOs. I also find evidence that the effect on rival firms is stronger if they operate in low concentrated industries (i.e. high competition) and have low growth opportunities. The relative size of IPO firm seems to play an important role in the direction and magnitude of industry rivals' valuation effects. Negative information revealed in the form of downward price revisions adversely affect rival firms' valuation. Positive information is also conveyed at the IPO announcements in banking industry. Bank rivals experience wealth gains if they are headquartered in the same state and no valuation effects if they are headquartered in the same region as the announcing bank. However, positive and significant reactions are noted in Mid-Atlantic and Southwest regions and negative reaction in Midwest region. Overall, these findings confirm that IPOs convey valuable information to the market and investors use this information to reassess the value of the rival firms.

The aim of this research was to investigate stakeholder attitudes towards people, with dyslexia, training to be primary classroom practitioners. The study examined stakeholder awareness and understanding of the term dyslexia; their perceived strengths and challenges, of those training to be teachers, with dyslexia. The study explored the impact of attitudes on disclosure of dyslexia and the potential of their employability as primary teachers in light of inclusive legislation and whether attitudes, held by a range of stakeholders, were on a neutral to positive or neutral to negative spectrum. The research entailed the implementation of an online questionnaire completed by 214 current stakeholders (including Initial teacher Education lecturers, school staff, Initial Teacher Education students and parents) and 11 semi-structured interviews. Findings suggest that there is uncertainty and confusion about the term dyslexia, its associated characteristics and its causes. Many stakeholders perceive dyslexia negatively with key characteristics being linked, predominantly, to deficits in reading, writing and spelling. This research has found that stakeholders identify a number of strengths that those with dyslexia bring to the teaching profession. These key strengths include empathy, inclusive practice and ease of identification of children with dyslexia. The main challenges/concerns identified by stakeholders, of those entering the profession, with dyslexia, were - the demands of the profession; the inability to teach particular age groups/subjects and the level of support needed to ensure success and retention following qualification. This latter concern constitutes a key finding of this research, as the level of support afforded by universities is perceived as being unrealistic in the workplace. The ethical responsibility that universities have, in preparing students for the demands and reality of the workplace, has emerged. The notion of what constitutes ‘reasonable adjustments’ is questioned by many stakeholders. This research concludes that a number of ‘reasonable adjustments’ are perceived as being unreasonable within the teaching profession due to the professional roles, responsibilities and requirements of being a teaching professional. Furthermore, uncertainty about legislation exists with regard to reasonable adjustments, whose responsibility it is to enforce reasonable adjustments and how schools can actually support those with dyslexia, in light of professional standards. Overall, this research has found that 16.1% more stakeholders display attitudes on the neutral to positive spectrum than neutral to negative with regard to those with dyslexia training to be primary classroom teachers. However, this masks major differences between stakeholders and between responses to particular statements/questions. A significant majority of stakeholders demonstrated a negative attitude towards the notion of people with dyslexia entering the teaching profession, believing that parents should be concerned if their child is being taught by someone with dyslexia. Both of these findings could have serious implications on the future disclosure of those with dyslexia. This research has found that a fear of stigmatisation and potential discrimination, which deter those with dyslexia from disclosing on course and job applications are justified and real. This research concludes that employability chances are lessened upon disclosure of dyslexia.

The number of US domiciled initial public offerings (IPOs) has declined since its peak listing year in 1996. The US listing gap has grasped the attention of experts and researchers in the field but there is a lack of agreement among intellectuals regarding the underlying causes. The purpose of this paper is two-fold: 1) to identify and analyze the company characteristics and underlying factors that impact age at time of IPO that has resulted in the US listing gap and 2) to test if these characteristics and factors have fluctuated in impacting company age at IPO over time.

Evaluating options, making informed decisions, measuring performance, and achieving management objectives in forest fire management organizations (FFMO) requires the development and application of measures that reflect how an organization has managed challenges presented. This thesis makes use of historical fire records from 1961 – 2008 to assess the impact of weather and management interventions on fire suppression effectiveness and annual area burned (AAB) within Alberta’s Boreal Natural Region. Statistical models relating AAB to variations in the proportion of extreme fire behaviour potential days suggest a significant portion of inter-annual variation in AAB (82 %) can be explained by the proportion of days when the Build-Up Index exceeds its 95th percentile. Probability of containment and large fire occurrence models are also developed that provide the framework for a new approach to presuppression planning in Alberta that can account for factors significantly influencing fire occurrence and containment outcome.

Evaluating options, making informed decisions, measuring performance, and achieving management objectives in forest fire management organizations (FFMO) requires the development and application of measures that reflect how an organization has managed challenges presented. This thesis makes use of historical fire records from 1961 – 2008 to assess the impact of weather and management interventions on fire suppression effectiveness and annual area burned (AAB) within Alberta’s Boreal Natural Region. Statistical models relating AAB to variations in the proportion of extreme fire behaviour potential days suggest a significant portion of inter-annual variation in AAB (82 %) can be explained by the proportion of days when the Build-Up Index exceeds its 95th percentile. Probability of containment and large fire occurrence models are also developed that provide the framework for a new approach to presuppression planning in Alberta that can account for factors significantly influencing fire occurrence and containment outcome.