IPO閉鎖期制度變革之研究-台灣實證分析
碩士 === 德明財經科技大學 === 財務金融系理財與稅務管理碩士班 === 102 === The purpose of this paper is to introduce IPO lock-up regulatory change in Taiwan and test the market reaction to the IPO lockup expiration. The study used the expiration of 12 months lock-up period IPO companies to explore the stock market's reac...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2014
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| Online Access: | http://ndltd.ncl.edu.tw/handle/42375296205330135316 |
| Summary: | 碩士 === 德明財經科技大學 === 財務金融系理財與稅務管理碩士班 === 102 === The purpose of this paper is to introduce IPO lock-up regulatory change in Taiwan and test the market reaction to the IPO lockup expiration. The study used the expiration of 12 months lock-up period IPO companies to explore the stock market's reaction when the lock-up period expired and also want to know the necessary of lockup regulation. We find that IPO stocks exhibit an abnormal increase of volume around the IPO lock-up expiration. The relationship between trading volume and share price is positive. There is no effect between an abnormal increase of volume and share price. Finally, we find that more longer lock-up period can limit shareholding’s behavior.
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