ABSTRACT This thesis investigates the stabilization activities of IPOs in Taiwan. Price stabilization is a legal form of stock price manipulation to prevent the transaction prices from falling below the offer price. However, the information about the implement of stabilization activities is not revealed to the public. Therefore, it is difficult to detect stabilization activities. With the proxy measure for stabilization proposed by Ruud (1993), we find that IPOs with initial returns around zero are probably stabilized IPOs. The stock prices of stabilized IPOs drop consistently two days after issuance due to the withdrawal of stabilization activities. Furthermore, we find that the stabilization activities are positively related to the underwriter reputation and price spread, and negatively related to the price volatility and firm size. This thesis confirms that price stabilization exists in Taiwan IPOs market.

The dissertation examines IPO underpricing and long-term performance to assess the use of industry specialization as a differentiation strategy by audit firms and underwriters. Prior studies indicate that prestigious auditors or underwriters (e.g., Big 6 auditors) are associated with IPO underpricing. I extend existing literature by incorporating market share as a refined measure of auditor (underwriter) reputation. In particular, I define a differentiated auditor (underwriter) as the market leader that possesses significantly higher market share than their competitors in the client industry. I hypothesize that the impact of auditor (underwriter) reputation in the IPO setting depends on whether the audit firm (underwriter) has successfully differentiated itself from competitors within client industries. My results show that as audit firm (underwriter) industry market share increases without differentiation, the IPO underpricing increases. It appears that this group of auditors (underwriters) intentionally engages in high-risk IPOs in order to gain fee advantages. In contrast, differentiated auditors (underwriters) are related to lower IPO underpricing because their reputation assist in reducing information asymmetry between issuers and investors. My study is important because it shows that the benefits previously thought to be attributable to a very large set of auditors and underwriters stems primary

Initial public offering (IPO) underpricing is a costly practice that decreases the IPO proceeds accruing to the issuing firms and can derail a firm's growth objectives. The purpose of this correlational study was to determine the relationship between share retention, underwriter reputation, and IPO underpricing among a population of IPOs issued in Jamaica. The efficient market hypothesis served as the theoretical framework for this study. Archived data for 52 IPOs issued in Jamaica from 1986 to 2018 were collected and Spearman's correlation matrix and heteroscedasticity-consistent standard errors regression analysis were applied. The outcomes of this study indicated no significant relationship between share retention and IPO underpricing, α = .1 and α = .05, r = .059, p = .35; however, there was partial acceptance of the alternative hypothesis that underwriter reputation is related to IPO underpricing at α = .1, r = .234, p = .055, but not α = .05. Additionally, underpricing was higher for IPOs supported by the high reputation underwriters, and share retention was a slightly better predictor of IPO underpricing for this group of IPOs, R2 = .02, p = .31 versus R2 = .01, p = .75. Finally, the overall model indicated that the independent variables did not jointly explain IPO underpricing, F(2, 45) = .78, p = .455, R2 = .032. The results of this study might contribute to social change because successful IPOs can increase employment opportunities as well as improve income distribution and socioeconomic indicators for the communities served by IPO firms.

利用1995-2015年間美國房地產投資信託基金（REIT）的176個初次公開發行為樣本，本研究分析了初步公開說明書（Form S-11）資訊與REITs上市後之當天，短期和長期表現之間的關係。其中，本文著重於探討四個特別領域的相關資訊，包括管理結構，承銷商聲譽，IPO閉鎖期及管理團隊品質。 實證結果顯示，初步公開說明書（Form S-11）包含有價值的資訊，有助於REIT IPO 投資人作投資評估之使用。其中，IPO閉鎖期大於等於產業標準180天的REITs，其在上市後6個月和12個月期間的報酬率高於IPO閉鎖期小於180天的REITs。此外，與過去的IPO研究結果相似，由知名承銷商所銷售之REIT IPOs 在初次公開發行後的短期及長期表現平均優於由知名度較低之承銷商所銷售的REIT IPOs。 然而，儘管過去與REIT相關的研究普遍偏好內部管理，本研究之實證結果支持外部管理的模式。其中，實證結果顯示外部管理的REITs在初次公開發行後的短期及長期表現平均優於內部管理的REITs。 / Using a sample of 176 US REIT IPOs from 1995 to 2015, this study examines the relationship between information provided on the preliminary IPO prospectus (form S-11) and post-IPO initial, short-term and long-term performance of REITs. In particular, this paper focuses on information related to four specific areas: management structure, underwriter reputation, lock-up period, and management quality. The findings of this study suggest that form S-11 carries valuable information, and is useful to investors in evaluating REIT IPOs. The regression results indicate that REIT IPOs with a lock-up period that is at least as long as the industry standard, on average, earn higher post-IPO returns 6-month and 12-month following the IPO date. Moreover, consistent with prior IPO studies, offerings underwritten by prestigious underwriters, on average, yield better post-IPO performance than IPOs underwritten by less reputable underwriters. Yet, unlike prior REIT studies, the findings of this paper tend to favor the external management structure. The results from the sub-sample imply externally managed REITs, on average, earn higher post-IPO short-term and long-term returns than their internally managed counterpart.