IPO Lockup Expiration and Institutional Investors Trading

IPO閉鎖解除日與機構投資人交易

黃柏凱(Po-Kai Huang) ； 張邦茹(Pang-Ru Chang) ； 姜堯民(Yao-Min Chiang)

《財務金融學刊》 26卷1期 (2018/03) Pp. 1-24

https://doi.org/10.6545/JFS.201803_26(1).0001

摘要

We test the true unlock effect based on these withdrawal dates of lockup shares for 380 IPO firms from 2005 to 2014 in Taiwan, unlike previous studies which find no significant market returns based on regulation date. We find significantly negative abnormal returns around the first withdrawal date. We further show that institutional investors significantly react to these withdrawal events by selling shares and buying back shares before prices moved up. This action is especially more significant for mutual funds than for foreign institutional investors and dealers.

關鍵字

Lockup expiration ； institutional investors

並列摘要

本研究探討2005年至2014年380家臺灣IPO公司首次閉鎖解除日之股價反應，以及首次閉鎖解除日之機構投資人交易情形。我們發現在首次閉鎖解除日時，具有顯著為負之異常報酬率；而機構投資人在首次閉鎖解除日事件中，顯著賣超及在價格上漲之前顯著買超，相較於外資和自營商，投信之此種交易行為較顯著。

並列關鍵字

閉鎖解除日 ； 機構投資人

參考文獻

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