中山管理評論

  期刊全文閱覽

中山管理評論  2000/9

第8卷英文特刊  p.3-20


題目
Investigating the Underpricing Behavior of Initial Public Offerings: Tests of Underwriter Price Support and Signaling Theories
Investigating the Underpricing Behavior of Initial Public Offerings: Tests of Underwriter Price Support and Signaling Theories
(633506366484531250.pdf 471KB)

作者
Min-Hsien Chiang/National Cheng Kung University
Min-Hsien Chiang/

National Cheng Kung University


摘要(中文)

(633506366484062500.pdf 107KB)

關鍵字(中文)

Initial Public Offering, Signaling Model, Underwriter Price Support


摘要(英文)

It is found that the IPOs are typically underpriced. Therefore, the return of the first trading day is always positive and abnormally higher. In this paper, we test the implications of three models of IPOs underpricing: (I) one for underwriter price support and (2). two for signaling models. The empirical results support the underwriter price support hypothesis and Grinblatt and Hwang (1989) model which states if the variance is constant, the fraction of shares held by insiders will positively influence the initial returns. On the other hand, we do not support the implication of Allen and Faulhaber (1989) model which predicts that a positive relationship between the degree of underpricing and subsequent earnings performance and dividend policy of a firm.

(633506366484062500.pdf 107KB)

關鍵字(英文)

Initial Public Offering, Signaling Model, Underwriter Price Support


政策與管理意涵


參考文獻