IPO Underpricing and Partial Adjustment to Public Information: Evidence from Taiwan

• Main Authors: Julianawaty, 紀鑒芳
• Other Authors: Dr. Joyce Hsieh
• Format: Others
• Language: en_US
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/hy4n92

碩士 === 淡江大學 === 國際貿易學系國際企業學碩士班 === 97 === This study examines the extent to which offer prices reflect the public information and discusses the influenced factors, hoped to provide the readers an effective investment opinion. The analyses cover for 200 IPOs over the period 2004-2008. Four variables become the primary focus in the thesis: share overhang, file range amendments, venture capital backing, and hot issue market. Using multiple regressions and t statistics to hypothesize the relation of initial return with its independent variables. The result shows that 10-20% of the variation in IPO underpricing can be predicted using public information known before the offer date.