Share Allocation to Institutional Investors in IPO Bookbuilding - Quantile Regression Analysis
碩士 === 國立中正大學 === 財務金融系研究所 === 104 === Public offering and bookbuilding has been the most common way for underwriters’ in Taiwan to allocate shares during the IPO process. This research investigates the influence asymmetry of determinations of bookbuilding allocation under different allocation ratio...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/rkw9wg |
| Summary: | 碩士 === 國立中正大學 === 財務金融系研究所 === 104 === Public offering and bookbuilding has been the most common way for underwriters’ in Taiwan to allocate shares during the IPO process. This research investigates the influence asymmetry of determinations of bookbuilding allocation under different allocation ratio of institutional investors for IPOs in Taiwan. By using Quantile Regression method we are able to capture the full picture of the underwriters’ decision when allocating IPO shares through bookbuilding. The result indicates that underwriters prefer retail investors, however when allocation ratio of institutional investors’ were extremely higher or lower, we find that there is an influence asymmetry of determinations for underwriters in Taiwan allocates IPOs.
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