Information Content of Investors' Bids in IPO Auctions: Evidence from Taiwan

本文探討臺灣的IPO競價拍賣中投資人標單的資訊內涵。結果發現，競價拍賣之標單會納入可利用之公開訊息，顯示投資人在下競價拍賣標單之前會參考市場的公開資訊。此外，投資人的標單具有預測上市後報酬的能力，競價拍賣的標單平均價格與上市後之初期報酬具有顯著地正向關係。而機構投資人在競價拍賣的分配比率亦具有預測上市後報酬的能力，顯示機構投資人對於IPO發行公司的真實價值具有較佳的資訊。最後，本文發現，市場公開資訊都已經反映到投資人的標單內涵中，所剩餘的公開資訊已經沒有預測未來上市後報酬的能力。

關鍵字

初次公開上市；公開資訊；競價拍賣；上市的訂價區間

並列摘要

This paper examines the information content of investors' bids in IPO auctions. We discover that investors' bids contain public information known before the auction period. suggesting that investors, on average, condition their bids on public information known before the auction period. We also find that investors' bids contain information relevant to predicting aftermarket returns. The average investors' bidding price can predict aftermarket returns. Institutional allocation also predicts aftermarket returns, suggesting that institutional investors might have better information concerning the value of IPO shares. Finally, we find that our public information variables are relevant to predicting aftermarket returns only insofar as the information has been incorporated in investors' bids.

並列關鍵字

IPOs ； public information ； auctions ； initial price ranges

參考文獻

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