Summary: | 碩士 === 國立中正大學 === 企業管理研究所 === 101 === The research aims to investigate the impacts of issuing markets in different systems on the market quality. Using the three transaction quality variables, such as bid-ask spread, market depth and transient volatility, from the IPO companies in Taiwan Stock market during 2003 and 2012, our findings show as below: firstly, the transaction quality of security market in the stock issuing market with highly strict lised conditions is better than ones in the market with lower listed conditions, except Gre Tai securities market. Secondly, transaction quality in honeymoon period of IPO, defined as the first day, the first five days and first twenty days, is worse than ones after honeymoon period. Besides, the higher the initial return of IPO firms during the honeymoon period, the worse the transaction quality of IPO firms. Thirdly, the transaction quality of IPO firms is improved after deregulation of price limit in first five days of IPO stock market. This study provides to policymaker empirical implication, as the highly strict prerequisite of companies listed in stock market could reduce the information asymmetry between issuing firms and investors for improving the securities transaction quality.
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