Long run performance of global versus domestic initial public offerings - considers under the different issue market states

• Main Authors: Ming-fong Lee, 李名峰
• Other Authors: Jen-sin Lee
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/98502669239495900607

碩士 === 義守大學 === 財務金融學系碩士班 === 97 === This study investigates the impact factors of US’s IPO long-term performance. The data for the U.S. stock market cover the period from 1990 to 2007. This study focuses on long-term performance of subdividing for the hot issue market states and the non-hot issue market states, the difference of Global IPO and Domestic IPO long-term achievements influencing factor. Our main findings are as follows: First of all, companies choose to IPO in the hot issue market states have characteristic of issue volume to be bigger, long-term performance is better. Technology industry which chooses to Global IPO will have better long-term performance. Domestic-unhot has the issue volume and age service the characteristic which has to the long-term achievements helps directly. Global IPO which choose to IPO in the IT industry developed period have the effect of “ the window of opportunity”. Domestic IPO which choose to IPO in the Bubble period have worse long-term performance. Thirdly, this paper considers issue on energy-crisis and IT industry developed period . This study finds the a structure change in Global-hot’s age and global tranche. The former is because high age company which have worse long-term performance have worse operating performance. High global tranche company can have better long-term performance because their age is lower and operating performance is better.