| Summary: | 碩士 === 國立臺灣大學 === 財務金融學研究所 === 107 === This study uses the initial public offerings of Taiwanese listed companies from May 1995 to December 2018, and separates them into three periods according to the date they initial public offered. The three periods are May 1995, when competitive auction was first introduced; January 2004, when bookbuilding was added into the law of initial public offerings; January 2016, when the law regulated that the initial public offerings of Taiwanese listed companies should use competitive auction except for the companies that meet certain conditions. The research uses market adjusted return model to find if the reform of underwriting placement system makes the IPO price more efficient.
The empirical results are as follows: Taiwan''s initial listing companies existed an abnormal returns, but the placement in the underwriting system would not affect the degree of abnormal returns; The degree of abnormal returns of listed company at stock exchange market was significantly smaller than listed company at over-the-counter market in the whole period, but the difference in the second and third period was not significant; The degree of abnormal returns of electronic stocks was significantly higher than non-electronic stocks in the whole period, but the difference in the second period was not significant.
|
|---|
