- 學位論文
承銷商包銷初次公開發行股票的操作績效與行為研究
The IPO Behavior and Performance of Underwriters in the Aftermarket
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並列摘要
This paper investigates trading behavior and aftermarket performance of underwriters in Taiwan from 2000 to 2002. This paper employs weekly data of underwriters’ buying, selling and holding as reported in the Taiwan Economic Journal. Strong evidence is found that lead underwriters have large influence and better performance than co-managers. We also find no matter what kinds of underwriters’ cumulative profits, buy-and-hold return and wealth relative are only significant positive different from zero in first 12 weeks. The first 12 weeks superior performance appears to be driven by underpricing. We find individual retention rate, EPS, and initial return could explain cumulative profits. And we find only initial return could explain buy and hold return and wealth relative. Lead underwriters, higher individual retention rate, higher EPS, and higher initial return can bring the longer holding periods. In the contrary, lower buy and hold return, and lower turnover ratio will bring the longer holding periods.
參考文獻
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