| Summary: | 碩士 === 元智大學 === 商學碩士班(財務金融學程) === 94 === The total first SEO sample of 1,229 form January 1, 1990 to December 31, 2001, and divided into two sub-samples the early and non-early SEO. The early SEO sub-sample size is 177 and non-early SEO is 1,052, and we try to understand what motivation to issue the early SEO that before the IPO lockup expiration and what influence to issuing process, short-term, and long-term performance. The results support our hypotheses: the motivation to issue early SEO is for the pre-IPO shareholders, for the firm’s real investment need, and for market timing; the issuing make the underpricing higher, the loyalty to their familiar underwriter higher; the early SEOs provide the opportunity for insider, pre-IPO shareholders, and venture capital to sell their partial holding.
|
|---|
