| Summary: | 碩士 === 國立政治大學 === 財務管理研究所 === 98 === There have been significant initial returns in IPO market based on past experience and information that elicit lots of investors to participate. With the changes in pricing policy of underwriters and derivation of new underwriting systems, the efficiency and the degree of freedom in IPO market have been enhanced more than before. According to the propositions of Beatty and Ritter (1986), we found weak evidence to approve the monotone relationship between initial return and the proxies of ex ante uncertainty. Moreover, the changes in market shares has a positive relationship with the degree of underpricing that violates the proposition. After adding the control proxies of grouping into the model, we were able to get the result of punishment effect from the underwriting market.
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