IPO閉鎖期滿日之市場反應

Market Reaction to the IPO Lockup Expiration

陳軒基(Hsuan-Chi Chen) ； 王忠建(Chung-Chien Wang) ； 楊雅雯(Ya-Wen Yang)

《證券市場發展季刊》 17卷3期 (2005/10) Pp. 57-87

https://doi.org/10.6529/RSFM.2005.17(3).3

摘要

本文介紹台灣IPO閉鎖期制度並驗證6個月一般性閉鎖期滿日的市場反應。我們發現台灣股票市場閉鎖期滿日確實出現異常交易量增加的現象。然而，不同於國外實證結果，本文並未發現顯著的負異常報酬。閉鎖期制度的實施確實會影響董監事大股東等內部人士的釋股行為，進而影響股市成交量，但對於股價的影響並不顯著。

關鍵字

閉鎖期 ； 初次上市 ； 逆選擇

並列摘要

The purpose of this paper is to introduce IPO lockup regulation in Taiwan and test the market reaction to the IPO lockup expiration. We find that IPO stocks exhibit an abnormal increase of volume around the IPO lockup expiration. In contrast to the empirical results for U.S. IPOs, IPOs in Taiwan do not experience significantly negative returns around the lockup expiration. However, the IPO lockup regulation does affect the insider trading behavior when insiders dispose of their shareholdings.

並列關鍵字

IPOs ； Lockup Period ； Adverse Selection

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