IPO閉鎖期制度變革之研究-台灣實證分析

• Main Authors: Wei,Yi-Wen, 魏宜雯
• Other Authors: Chang,Shih-Chung
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/42375296205330135316

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.