The Influences of Pricing Basis of IPOs and Other Market Factors on Abnormal Returns

• Main Authors: CHEN, NAN-YING, 陳南穎
• Other Authors: 劉炳麟
• Format: Others
• Language: zh-TW
• Published: 2019
• Online Access: http://ndltd.ncl.edu.tw/handle/zb6bmm

碩士 === 逢甲大學 === 財務金融學系 === 107 === The initial public offerings (IPO) can obtain a considerably initial abnormal return, which has been proved in early many documents of the IPO. Later, there have been different discussions which is mainly for the study of four groups. Thera are the issuing companies, underwriters and investors in the public offering, and the market factor. How the issuing companies views the money left on the table, the role of the underwriters in the underwriting process and the impact on prices, and how the performance of investors in the market affects the stock price. In this paper, we use the information of the Taiwan Stock Exchange from 2005 to 2018, listed total of 671 cabinet companies. During this period, the underwriting market has undergone major reforms in the underwriting method, making the sample sufficiently diverse to compare. What is the difference in the pricing of IPOs in different markets, and the market performance is analyzed by discussing the behavioral economics level in recent years.