碩士 / 國立臺北大學 / 國際財務金融碩士在職專班 / 98 / This article studied pricing effects of Taiwan listing and OTC companies to issue equities abroad within announcement period and listing period. This article recruited GDRs as overseas equity offerings. Through recent GDRs offerings, this study attempted to identify if content information and issuing effects achieved statistics significant.
By event studies, we observed pricing effects are positive before announcement date and listing date. GDRs offerings represent the expecting of high-growth and express the opportunities to inside investors. However, stock prices of issuing companies were going downing behind announcement date and listing date. It shows, within announcement period and listing period, prices are negative afterward.
This study applied factors of industry, listing type, company scale, and β value to figure out differences of issuing effects. This article divided the samples into groups of hi-tech industry and non hi-tech industry, listing companies and OTC companies, large-scale companies and small-scale companies and hi-β and low-β.
The conclusion of this article is GDRs offerings attain information content to achieve variety of stock prices in Taiwan market. This study applied grouping samples to GDRs offerings and influenced the issuing companies’ stock price. Nevertheless, GDRs offerings are good for specific grouping and harmful for the other groupings. Although the strategy of GDRs offering was made by beneficiaries of corporations, identifying the elements of companies also determined the resolution of success.
| Identifer | oai:union.ndltd.org:TW/098NTPU1304027 |
| Date | January 2010 |
| Creators | Yeh, Chun-Ting, 葉俊廷 |
| Contributors | Chen, Dar-Hsin, 陳達新 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 120 |
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