IPO閉鎖期之標準化

The standardization of Lockups in IPOs

吳英瑋(Ying-Wei Wu)

指導教授 ： 陳軒基

元智大學/管理學院/財務金融學系/碩士(2004年)

摘要

學術研究一般認為，閉鎖期為一種可以減輕道德危害的承諾手段，當發行公司伴隨高度資訊不對稱時，承銷商將會對發行公司限制一個較長期間的閉鎖期間。我們調查從1988年到2002年中；4563個IPO樣本的閉鎖期標準化趨勢。我們認為標準化的閉鎖期是一個自我規範手段，用以減輕在IPO時所發生的資訊不對稱。我們的實證結果支持自我規範假說和慣例假說。標準化的閉鎖期由知名的券商所訂定，而累積的前例將吸引越來越多的市場參與者去模仿與跟隨。我們也發現標準化的趨勢與Chen 與Ritter (2000)所發現的承銷費用標準化於7%有關。

關鍵字

閉鎖期 ； 標準化 ； 承銷商 ； 資訊不對稱 ； 初次公開發行

並列摘要

Academic researches generally consider that lockups is a commitment device to mitigate moral hazard problems, which issuing firms with the high information asymmetric should be impose the longer lockup period by underwriters. We examine the trend of standardizing lockup for a sample of 4,563 IPOs form 1988 to 2002. We consider that the standardization of lockups is a self-regulation which can affiliate the information asymmetric in IPOs. Our empirical results support the self-regulation and convention hypotheses. Prestigious investment banks set up the standardizing lockup which the accumulation of precedence will attracts more and more market participants to follow. We also find that the trend of standardizing lockup period is associated with Chen and Ritter’s (2000) finding that underwriter’s spread generally standardized at 7%.

並列關鍵字

lockup ； standardization ； underwriter ； information asymmetry ； IPO

參考文獻

Akerlof, George A., 1970, The market for lemon: quality uncertainty and the market mechanism, Quarterly Journal of Economics, 84, 488-500.

Bradley, Daniel, J., John W. Cooney, Jr., Bradford D. Jordan and Ajai K. Singh, 2004, Negotiation and IPO offer price: a comparison of integer versus non-integer IPOs, Unpublished working paper, University of Kentucky and Case Western Reserve University.

Bradley, Daniel J., Bradford D. Jordan, Ha-Chin Yi and Ivan C. Roten, 2001, Venture capital and IPO lockup expiration: an empirical analysis, Journal of Financial Research, 24, 465-492

Brav, Alon and Paul A. Gompers, 2003, The role of lockups in initial public offerings, Review of Financial Studies, 16, 1-29.

Brav, Alon, 2000, Inference in long-horizon event studies: a Bayesian approach with application to initial public offerings, Journal of Finance, 55, 1979-2016.