The Impacts of Issuing Market Selection on the Trading Market Quality of Initial Public Offerings

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 marke...

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Main Authors: Chen, Mei-Chiu, 陳美秋
Other Authors: Wang, Ming-Chang
Format: Others
Language:zh-TW
Published: 2013
Online Access:http://ndltd.ncl.edu.tw/handle/74909123901163929182
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spelling ndltd-TW-101CCU001210712015-10-13T22:19:08Z http://ndltd.ncl.edu.tw/handle/74909123901163929182 The Impacts of Issuing Market Selection on the Trading Market Quality of Initial Public Offerings 發行市場選擇對發行公司之證券市場交易品質的影響 Chen, Mei-Chiu 陳美秋 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. Wang, Ming-Chang 王明昌 2013 學位論文 ; thesis 62 zh-TW
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description 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.
author2 Wang, Ming-Chang
author_facet Wang, Ming-Chang
Chen, Mei-Chiu
陳美秋
author Chen, Mei-Chiu
陳美秋
spellingShingle Chen, Mei-Chiu
陳美秋
The Impacts of Issuing Market Selection on the Trading Market Quality of Initial Public Offerings
author_sort Chen, Mei-Chiu
title The Impacts of Issuing Market Selection on the Trading Market Quality of Initial Public Offerings
title_short The Impacts of Issuing Market Selection on the Trading Market Quality of Initial Public Offerings
title_full The Impacts of Issuing Market Selection on the Trading Market Quality of Initial Public Offerings
title_fullStr The Impacts of Issuing Market Selection on the Trading Market Quality of Initial Public Offerings
title_full_unstemmed The Impacts of Issuing Market Selection on the Trading Market Quality of Initial Public Offerings
title_sort impacts of issuing market selection on the trading market quality of initial public offerings
publishDate 2013
url http://ndltd.ncl.edu.tw/handle/74909123901163929182
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