| Summary: | 碩士 === 義守大學 === 財務金融學系碩士班 === 97 === This study attempts to investigate the different affecting patterns of the determinants of long-term performance under different issue market states for Taiwan IPO. This paper modifies Helwege and the Liang (2004)’s method which estimates the models of different issue market states, including hot issue market states, cold issue market states and neutral issue market states.
This study finds that three institutional ownerships exhibit different impacts on IPO long-term performance under different issue market states. First, the IPO stocks with the investment trust ownership have better long-term performance under cold issue market states, while those have worse long-term performance under hot issue market states. This implies that the investment trust’s securities selectivity will be affected by the issue market state. Next, under hot issue market states, as the foreign investor ownership increase, the IPO long-term performance will become worse, whereas the IPO long-term performance will become better as the investment trust ownership increase. This difference is resulted from the different securities selectivity between investment trusts and foreign investors, and we finds that foreign investors prefer to purchase the stocks with lower initial returns, small firm size, lower offering prices, lower volatility and neglected-firms.
Finally, The IPO stocks have better long-term performance as increase scope of trust investment ownerships change and decrease scope of trust investment ownerships change under normal issue market states. Thus, scope of trust investment ownerships to the IPO long-term performance influence relations for the misalignment V font.
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