The effects of the initial offering price of OTC companies to the change of ownership structure.
碩士 === 國立中山大學 === 企業管理學系研究所 === 88 === This investigation is based on the data of the IPO on the OTC market in Taiwan for 1995 to 1999. We demonstrated that firms would use higher offering price to attract institutional investors, and lower offering price to attract small investors. Higher offering...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2000
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| Online Access: | http://ndltd.ncl.edu.tw/handle/12084758935064772166 |
| Summary: | 碩士 === 國立中山大學 === 企業管理學系研究所 === 88 === This investigation is based on the data of the IPO on the OTC market in Taiwan for 1995 to 1999. We demonstrated that firms would use higher offering price to attract institutional investors, and lower offering price to attract small investors. Higher offering price abstracts institutional investors because of higher turnover rate of the IPO stocks. Lower offering price would attract small investors because of higher degree of IPO underpricing. We also show that the firms attracted more institutional investors` ownership would have higher performance.
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