| Summary: | 碩士 === 國立臺灣大學 === 財務金融學系 === 85 === In most research about new issue''s short-term return ,the new
issues actuallyhave high abnormal return than market or other
index return.But most of themonly concern about the cross-
sectional anaylsis,rather the time-series pattern.and the macro
variables seldom be analyed.So in this paper ,I take very
different side variables to anaylsis the abnormal return of new
issues,the variables include macro side(ex.money supply,interest
,consumer price index...),and micro side(ex. earning per share,
total asset..).The research method is stepwise foreward
selection .The result of teh paper are:1.new issues have
abnormal return in the short-term,say in one month,the abno-mal
return has different meanings:(1)market-adjusted return;(2)
market model-adjusted return.the two meaning of return both have
abnormal return.2.The macro-variables(30 day commercial paper''s
interest rate,wholesale price index,TSE market varity have
significant impact in new issue''s return,but the micro variable
have no significant impact in new issue''s return.3.And the time-
series pattern is result in macro variable''s volalitity.
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