Offering price is set by public company and underwriter, but the price always is underpriced. There is a restricted price fluctuation in Taiwanese stock market, which causes price of initial public offering doesn¡¦t response real marker situation in short run. New securities laws and regulations requests underwriter set an appropriate offering price to meet the real situation of supply and demand in market since 2005. Competent authority cancels offering price formula and rules that new stocks are offered by public subscription and book building. We take IPO samples since 2005, to research performance between public information and initial return. The conclusions of this study are presented as follows: 1.The emerging stock company becomes over-the-counter (OTC) company or the OTC company becomes listed company by initial public offering, which average transaction price of last transaction date in market is a good estimator that can predict initial return performance of IPO. The higher average transaction price of last transaction date in market, the more initial return. 2.New securities laws and regulations requests underwriter set an appropriate offering price to meet the real situation of supply and demand in market. The underwater has an incentive to set a lower offering price to avoid law risks. 3.The median of book building price range is smaller than market price, the higher closing price of first listed transaction date.

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.

Along with the growth of Taiwan¡¦s capital markets, the public tend to serve stocks as the main investment tool. Underwriting markets are also monitored by investors. Generally, Taiwanese firms¡¦ stocks possess ¡§honeymoon periods¡¨ after they went public, in which the stocks kept gaining prices for consecutive days. Due to the phenomenon, companies tend to went public once the requirements are satisfied. On the other hand, investors are willing to purchase such stocks, thus let the underwriting market prosper. The aspect of initial public offerings (IPOs) is also gaining attention of researchers. This research aims at examining the relation between Taiwanese firms¡¦ IPOs¡¦ initial return and the Monday effect and Intra-month effect. This thesis also tried to discover that whether Taiwanese IPOs possess differences between size and industry groups. The results indicate that Taiwanese IPOs have lower return if issued in Mondays, which is the Monday effect. The reason may be that the closed market in weekends allowed investors to spend more time to search and to analyze information and to hinder themselves from overreaction. In addition, when issuing companies are determining underwriting prices, they tend to serve discount as a risk compensation for the uninformed investors, thus when investors have more time to analyze their investment decisions, the issuing companies need not to discount to induce investors.

This thesis is an empirical event study that examines the short-run performance of initial public offerings (IPO), known as underpricing and initial return. I argue that literature which only presents equal weights could potentially give the reader a skewed understanding of the width of the concept. By using a new data set of Nordic IPOs during the period 2009-2018, I provide estimates using equal as well as market capitalization weights consistently to give a more nuanced and fair picture. The equally weighted first-day initial return is estimated to be 4.96% and the value weighted first-day initial return is estimated to be 5.32% during the examined time period. Further, the initial return is examined in relation to firm characteristics as well as quarterly index returns and issuance volume. No statistically significant characteristics that can identify additional levels of underpricing was found. Quarterly average initial returns and quarterly index returns are independent of each other. In line with previous literature the positive relationship of issuance volume and initial return is valid on a quarterly level, indicating that firms tend to go public in times of positive and higher initial returns to a greater extent.

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Underwriter need to participate in the process of new issue firms going public. Related reference about Taiwan's underwriter IPOs market share haven't appear. In this study, we expect to find out the relationship between Taiwan's underwriter IPOs market share and some related factors. Then offer issuer, underwriter and investor the conclusion as reference. The IPOs samples are selected during the period 1991 through 2000 in Taiwan. There are 475 newly issued firms in this period. We subtract some incomplete data samples and bank samples.There are 247 IPOs samples in our regression model. Although underwriter IPOs market share is less significantly impacted by IPOs offer price , results imply that when offer price is too low,this would damage issuer's benefit and lead to underwriter IPOs market share decrease. When offer price is too high, this would damage investor's benefit and just lightly lead to underwriter IPOs market share decrease. Results show that there is no industry specialization in Taiwan's underwriter industry. Although underwriter IPOs market share is less significantly impacted by IPOs one year performance,results imply that when underwriter market higher one year return IPOs, this would attract more investors and lead to underwriter IPOs market share increase.Results show that underwriter IPOs market share is significantly impacted by nderwriter's asset and age. The underwriter with larger asset and larger age gains more IPOs market share.

The purpose of this thesis is to analyze differences between IPOs with integer (e.g. $20,00) and non-integer (e.g. $20,32) offer prices on the post-decimalization US market. Research on IPOs suggests that there are viable differences between, and valuable information within, integer and non-integer prices. However, proposed effects on the information content of prices as a result of decimalization on US markets in 2001 motivates more up-to-date research on the subject. Our findings show that, while integer IPOs have higher initial return, uncertainty and offer price levels, there is no proof of different information content conveyed within integer and non-integer prices on the post-decimalization market. Consequently, suggesting that neither integer or non-integer prices provide valuable information to market participants, and in extension that decimalization may have influenced the IPO market. / Syftet med den här uppsatsen är att analysera skillnader mellan börsnoteringar med teckningskurser formulerade i heltal (t.ex. $20,00) och icke-heltal (t.ex. $20,32) efter decimaliseringen på den amerikanska marknaden. Tidigare studier har funnit stor skillnad mellan, och värdefull information inom, heltals- och icke-heltalskurser. Efter decimaliseringen på den amerikanska marknaden 2001 har studier dock funnit att prisers informationsinnehåll kan ha förändrats, vilket motiverar mer aktuell forskning inom ämnet. Våra resultat visar att även om börsnoteringar med heltals-kurser har högre initial avkastning, osäkerhet och teckningskursnivå, finns det inga tecken på att det är någon skillnad i informationsinnehåll mellan heltals- och icke-heltalskurser på den amerikanska marknaden efter decimaliseringen. Våra resultat antyder att det inte finns någon värdefull information för marknadsaktörer i huruvida en börsnoterings teckningskurs är formulerad i heltal eller icke-heltal, och i förlängningen att decimaliseringen kan ha påverkat marknaden för börsnoteringar.

鑒於興櫃市場股票交易逐漸熱絡，投資人愈趨關注該市場的相關事件，本研究以興櫃市場中受輔導之公司為樣本、更換主辦輔導推薦證券商為研究事件，探討有更換券商之情事的樣本公司，在事件發生前後是否存有異常報酬，並接續研究這些公司成功上市櫃後，期初報酬率是否顯著異於未有更換之情事發生的新上市櫃公司，進而判斷「更換主辦輔導推薦證券商」事件是否為影響期初報酬率的其中一項因子。 本研究以事件研究法分析事件發生日前後是否存在顯著異常報酬，雖然不論是平均異常報酬率或累積平均異常報酬率都呈下降趨勢，但統計檢定結果顯示並未顯著異於零，因此可判定投資人對於更換主辦券商之情事有負面的反應，但反應程度並不顯著，沒有賺取超額報酬的機會。本研究另外設計多元迴歸模型觀察各項自變數，包含是否更換過主辦輔導推薦證券商、上市或上櫃公司、公司規模、發行總金額、內部人持股比例、平均中籤率、產業別、發行公司年齡等，對期初報酬率的解釋能力，實證結果顯示，平均中籤率愈低、內部人持股率愈高、有更換過主辦輔導推薦券商的公司會有較高的期初報酬率，投資人可依上述三項公司性質作為選取股票的參考。 / In view of the stock trading in “Emerging Market” is becoming more and more popular, Investors are concerned with related event or information about the market. I selected several companies traded in Emerging Market as samples, leading counseling securities replacement as the research event, investigating the sample companies with replacement and whether the abnormal return exists before or after the event happened. I also tracked these sample companies until IPOs, testing the statistical significance of initial return to judge if the “replacement-of-leading-securities” event is one of the factors explaining the existence of initial return. I used event study to test the significance of abnormal return. Both the average abnormal return and the cumulative average abnormal return display a downturn trend during event window, not statistical significant though. Based on the result, I presume the investors have adversely impact on the replacement event, but the impact is not remarkable. There’s no chance to gain the abnormal return. Besides, I set a multiple regression to test the coefficient of each control variable. The empirical result implied that the average success rate, the shareholding ratio of insiders and the companies with replacement event influence the initial return significantly. Investors could follow those three company characters as reference of choosing stocks.

Inledning: Historiskt sett har IPO:er ofta varit underprissatta vilket har resulterat i att de i genomsnitt haft en hög initial avkastning, det vill säga, hög avkastning den första handelsdagen. Detta har skapat en uppfattning om att nyintroduktioner är ett bra investeringsalternativ för de som vill ha en avkastning utöver det normala. Syfte: Syftet med uppsatsen är att studera huruvida aktiers utveckling på kort och lång sikt påverkas av variabler som bolagets storlek, ålder, branschtillhörighet, noteringsperiod och könsfördelning i styrelsen. Syftet är också att undersöka huruvida IPO:er är underprissatta och om de underpresterar på lång sikt. För att studera detta har aktier noterade på Stockholmsbörsen, Aktietorget och First North mellan år 2013 och 2014 analyserats. Metod: För att kunna genomföra denna studie har ett kvantitativt tillvägagångssätt tillämpats. Vidare har en deduktiv ansats använts då avsikten var att analysera det insamlade materialet utifrån tidigare forskning. Urvalet består av 56 bolag där sekundärdata inhämtats via Nasdaq OMX, Nordnets- och Avanzas webbsida samt Skatteverket. Teori: Den teoretiska referensramen som studien baseras på består av teorier som har skapats kring hur IPO:er presterar på kort och lång sikt och varför de presterar som de gör. Vidare presenteras tidigare forskning kring hur könsfördelning i bolagsstyrelser kan påverka bolagens utveckling. Resultat och slutats: Resultatet visade att IPO:er på kort sikt blir överprissatta då de haft en negativ initial utveckling. Resultatet visade vidare att IPO:er överpresterar på lång sikt samt att de mest underprissatta IPO:erna presterar bäst. För de oberoende variablerna storlek, ålder, branschtillhörighet, noteringsperiod och könsfördelning i styrelsen kunde inga signifikanta samband återfinnas. / Introduction: Historically, IPO’s have often been underpriced, which has resulted in a high initial return on average, i.e. high return on the first trading day. This has created the perception that new introduction is a good investment option for those who want an abnormal return. Purpose: The purpose of this study is to examine whether the short- and long-term performance of IPO’s are affected by variables as firm size, firm age, industry affiliation, issue period and gender diversity on board of directors. The purpose is also to determine whether IPO’s are underpriced and if they underperform in the long run. To study this, Initial Public Offerings on First North, Aktietorget and Stockholmsbörsen during the period of 2013 to 2014 have been analyzed. Methodology: To implement this study, a quantitative approach has been applied. Furthermore, a deductive approach was used since the purpose was to analyze the collected material based on previous research. The data selection consists of 56 firms were the secondary data has been obtained from Nasdaq OMX, Nordnet website, Avanza website and The Swedish Tax Agency. Theory: The theoretical frame that the study is based on consists of theories that were created regarding how IPO’s perform in short- and long-term and why they perform as they do. Furthermore, earlier research is presented which examine how gender diversity in board of directors affect corporate performance. Result and conclusions: The result in this study shows that in the short run, IPO's are overpriced due to a negative initial return. Further, the result show that IPO's outperform other companies, and the most underpriced shares perform better in the long run. For the dependent variables size, age, industry affiliation, listing period and gender diversity, no relationship of statistical significance could be found.