碩士 / 國立政治大學 / 國際經營與貿易研究所 / 99 / This study attempts to investigate the different patterns of the abnormal returns of Taiwan listings by foreign issuers and IPOs by domestic issuers, for the period from April, 2009 through December, 2010. Of particular interest is to examine the determinants of the abnormal returns. The major findings of the study are as the follows:
(1)Empirical results indicate that all Taiwan listing stocks, including IPOs by foreign and domestic issuers and TDRs, have significant abnormal initial returns. Among them, IPOs by foreign issuers show the highest abnormal initial returns while TDRs show the lowest.
(2)Evidences like the negative CARs, the average 3% premium of TDR issuance and the demonstration effect suggest that investor overreaction could be a major factor contributing to TDRs’ significant abnormal initial returns.
(3)Evidences also suggest the under-pricing by the better-informed underwriters may cause significant abnormal initial returns of IPOs by domestic issuers. The IPO discount is discussed as an in-depth demonstration.
(4)The study assumes that the significant abnormal initial returns of IPOs by foreign issuers partly result from the under-pricing as a signal to attract investors, and partly result from investor overreaction.
| Identifer | oai:union.ndltd.org:TW/099NCCU5321008 |
| Date | January 2011 |
| Creators | 鄧彥農 |
| Contributors | 胡聯國 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 77 |
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