The Price Effects on IPO that Removeing Price Limit

• Main Authors: Chieh-Han Lee, 李杰翰
• Other Authors: Chang-Chun Cheng
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/2fq6kt

碩士 === 銘傳大學 === 財務金融學系碩士班 === 97 === This study re-examined the honey moon effect since regulatory leasing the price limit constraint for the first five trading days just after IPOs from 2005. For the selected sample, the empirical results show that there are 88% of firms have the honey moon effect and 27% of abnormal returns of the first day on average. It implies that remove the price limit constraint from IPOs stocks may promote the market efficiency. We also find that the more deviation between the underwriting price and the average price when stock listed on emerging markets, the more the abnormal return after IPOs. Furthermore, the proxy of information asymmetry, the time of waiting listed, the age of company, the size of underwriting, and the price range on emerging markets have significant positively effects on the abnormal returns.