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.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0620100-152926 |
| Date | 20 June 2000 |
| Creators | Wang, Arthur |
| Contributors | Anlin Chen, Ruey-Dang Chang, Chris Liao |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0620100-152926 |
| Rights | unrestricted, Copyright information available at source archive |
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