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1	The effects of the initial offering price of OTC companies to the change of ownership structure. Wamg, Chih-Yung 21 June 2000 (has links) This investigation is based on the data of the IPO on the OTC market in Taiwan for 1995 to 1999. We demonstrated that firms would use higher offering price to attract institutional investors, and lower offering price to attract small investors. Higher offering price abstracts institutional investors because of higher turnover rate of the IPO stocks. Lower offering price would attract small investors because of higher degree of IPO underpricing. We also show that the firms attracted more institutional investors` ownership would have higher performance. offering price ownership structure turnover
2	臺灣地區股票承銷之研究－增資新股超額報酬及承銷價影響因素之實證 / The Study of Stock Underwriting in Taiwan 王姿英, Wang, Tzu Ying Unknown Date (has links) 資本市場之目的在於匯集社會游資, 供給企業營運所需資金, 進而促進經濟成長。欲達此一目標則有賴於承銷制度之健全, 及承銷機能的有效運作。本文乃是探討股票承銷中有關增資新股申購人是否享有預期超額報酬, 及承銷價影響因素。運用之理論基礎為Black-Scholes 選擇權訂價公式, 及探討公司價值之訊息理論。經過實證測試, 發現增資新股申購人的確享有預期超額報酬。而訊息理論並不太適用於臺灣實務現象, 所列入探討的因素中, 唯有總資產達到0.01的顯著水準, 現金增資比率達0.15的顯著水準, 此或為訊息須經轉換之故。股票承銷超額報酬承銷價訊息理論 Stock Underwriting Exceeding Return Offering Price Signalling

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The effects of the initial offering price of OTC companies to the change of ownership structure.

臺灣地區股票承銷之研究－增資新股超額報酬及承銷價影響因素之實證 / The Study of Stock Underwriting in Taiwan