1. NCCU Academic Hub
  2. Publications
  3. College of Commerce
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 以股權結構探討新上市公司競價拍賣投標者行為與上市折價發行之現象
作者 張天立
貢獻者 姜堯民
張天立
日期 2002
上傳時間 9-May-2016 16:24:17 (UTC+8)
摘要 　　我國證券承銷制度於民國八十四年三月八日修正公布之新版『證券商承銷或再行銷售有價證券處理辦法』中，引進競價拍賣及詢價圈購兩項國外行之有年的承銷配售制度；此二項配售制度的推行，即是希望過去由發行公司單方面決定之承銷價格，改進為藉由市場運作機制，由市場上的投資人共同訂出。然而，市場上公司資訊的多寡，將會直接影響投標者的投標行為，進而影響經由競價拍賣機制所得到的承銷價格。因此，在這樣的機制下，公司資訊的流通與否將成為此制度是否成功的一項要件。
     　　本文以代理問題與資訊傳遞效果的角度為基礎，希望藉由新上市、上櫃公司股權結構的集中程度，說明公司股權集中在不同類型的投資人手中，其資訊意涵如何影響競價拍賣時投標者的投標行為，並最後影響到上市後折價發行的程度。
     　　本文之實證結果如下：
     　　1.法人董監事、大股東持股比例與競價拍賣得標價之間皆呈現顯著之負向關係；
     　　2.自然人董監事、大股東持股比例與競價拍賣得標價之間皆呈現顯著之正向關係；
     　　3.法人董監事、大股東持股比例與上市折價幅度之間皆呈現負向關係，然僅有法人董監事部份為顯著；
     　　4.自然人董監事、大股東持股比例與上市折價幅度之間皆呈現正向關係，然皆不顯著。
參考文獻 一、國內文獻
     1.王恕，臺灣新上市公司股票安定操作行為之研究，中山大學企業管理研究所未出版碩士論文，民國89年6月。
     2.石美娟，舊股東參與現金增資之可能策略分析，政治大學財務管理研究所未出版碩士論文，民國89年6月。
     3.李文瑞，影響股票公開申購總合格件數之因素探討，中正大學財務金融研究所未出版碩士論文，民國89年6月。
     4.李青娟，公司新股上市時配售方式之選擇與影響，中正大學財務金融研究所未出版碩士論文，民國89年6月。
     5.呂建樺，證券承銷配售方式之選擇，中山大學財務管理研究所未出版碩士論文，民國88年6月。
     6.呂彥慧，股權結構、監督機制、轉投資、交叉持股與公司經營績效之關係─以台灣新上市公司為例，中山大學財管研究所未出版碩士論文，民國89年6月。
     7.汪志勇，新上櫃公司承銷價格對股權結構變動的影響，中山大學企業管理研究所，民國89年6月。
     8.林育雅，我國上市公司董事會特性與盈餘操縱現象之研究，台灣大學會計研究所未出版碩士論文，民國83年6月。
     9.林宗源，從代理問題與公司控制的角度來探討新上市公司股票股價的折價程度，中山大學企業管理研究所未出版碩士論文，民國87年6月。
     10.林明謙，股權結構、董事組成對大股東介入股市行為影響之研究，輔仁大學金融研究所未出版碩士論文，民國90年6月。
     11.施聖乾，承銷商聲譽、新上市公司風險特性與承銷價格低估之研究，東華大學國際企業管理研究所未出版碩士論文，民國90年6月。
     12.高惠娟，新上市股票折價、股權結構與市場流動性之相關研究，中正大學財務金融研究所未出版碩士論文，民國88年6月。
     13.翁淑育，台灣上市公司股權結構.核心代理問題及公司價值之研究，輔仁大學金融研究所未出版碩士論文，民國89年6月。
     14.張明峰，股權結構對公司績效影響之研究，政治大學企業管理研究所未出版碩士論文，民國80年6月。
     15.陳碧滋，我國上市公司股價行為與董監因素關連性之探討，台灣大學會計研究所未出版碩士論文，民國90年6月。
     16.曾麗評，台灣新上市公司股票長期報酬與法人持股之關係，中山大學企管研究所未出版碩士論文，民國90年6月。
     17.楊俊中，股權結構與經營績效相關性之研究，台灣大學會計研究所未出版碩士論文，民國87年6月。
     18.楊慧玲，董事會結構及其變動對股東財富與經營績效影響之研究，朝陽大學企管研究所未出版碩士論文，民國89年6月。
     19.楊琮琪，國內新上櫃公司異常報酬之實證研究，朝陽科技大學財務金融研究所未出版碩士論文，民國90年6月。
     20.廖國興，會計師聲譽與蜜月期關聯性之探討，成功大學會計研究所未出版碩士論文，民國88年6月。
     21.劉宴辰，從代理理論觀點探究股權結構、董事會組成對企業財務績效影響之研究，淡江大學管理科學研究所未出版碩士論文，民國82年6月。
     22.劉立詩，新上市公司股權結構與股票長期績效之研究，中山大學企業管理研究所未出版碩士論文，民國89年6月。
     23.鄭筱凡，全球股權結構與經營績效之研究，東吳大學企管研究所未出版碩士論文，民國90年6月。
     二、國外文獻
     1.Allen, F. and G. R. Faulhaber, “Signaling by Underpricing in the IPO Market,” Journal of Financial Economics, vol. 23, August 1989, pp. 203-323.
     2.Ausubel, L. M., “An Efficient Ascending-Bid Auction for Multi-Unit Auctions,” Working Paper, University of Maryland, 1997.
     3.Baron, D. P., “A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues,” The Journal of Finance, vol. 37, Sep-tember 1982, pp. 955-976.
     4.Beatty, R. P., “Auditor Reputation And The Pricing Of Initial Public Offering,” The Accounting Review, vol. 64, October 1989, pp. 693-709.
     5.Beatty, R. P. and J. R. Ritter, “Investment Banking, Reputation, and the Un-derpricing of Initial Public Offerings,” Journal of Financial Economics, vol. 15, January / February 1986, pp. 213-232.
     6.Berle, A. A. and G. C. Means, The Modern Corporation and Private Property, New York: Macmillan, 1932.
     7.Bikchandani, S. and C. F. Huang, “The Economics of Treasury Securities Mar-kets,” Journal of Economic Perspectives, vol. 7, summer 1993, pp. 117-134.
     8.Bjonnes, G. H., “Winner’s Curse in Discriminatory Price Auction: Evidence from the Norwegian Treasury Bill Auctions,” Working Paper, Norwegian School of Management, June 2001.
     9.Booth, J. R. and L. Chua, “Ownership Dispersion, Costly Information, and IPO Underpricing,” Journal of Financial Economics, vol. 41, June 1996, pp. 291-310.
     10.Brannman, L., J. D. Klein, and L. W. Weiss, “The Price Effects of Increased Competition in Auction Markets,” The Review of Economics and Statistics, vol. 69, February 1987, pp. 24-36.
     11.Brennan, M. J. and J. Franks, “Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK,” Journal of Financial Economics, vol. 45, September 1997, pp. 391-413.
     12.Carpenter, C. G. and R. H. Strawser, “Displacement of Auditors When Clients Go Public,” Journal of Accountancy, vol. 131, March 1971, pp. 55-58.
     13.Carter, R. B., F. H. Dark and A. K. Singh, “Underwriter Reputation, Initial Returns, and the Long-run Performance of IPO Stocks” The Journal of Finance, vol. 53, February 1998, pp. 285-311.
     14.Carter, R. B. and S. Manaster, “Initial Public Offerings and Underwriter Reputa-tion,” The Journal of Finance, vol. 45, September 1990, pp. 1045-1067.
     15.Chaganti, R. and F. Damanpour, “Institutional Ownership, Capital Structure, and Firm Perform,” Strategic Management Journal, vol. 12, October 1991, pp. 479-491.
     16.Cheung, C. S. and I. Krinsky, “Information Asymmetry and the Underpricing of Initial Public Offerings: Further Empirical Evidence,” Journal of Business Finance & Accounting, vol. 21, July 1994, pp. 739-748.
     17.Downes, D. H. and R. Heinkel, “Signaling and the Valuation of Unseasoned New Issues,” The Journal of Finance, vol. 37,March 1982, pp.1-10.
     18.Dawson, S. M. and N. Reiner, “Raising Capital with Initial Public Share in Ger-many,” Management International Review, vol. 28, First Quarter 1988, pp. 64-72.
     19.Drake, P. D. and M. R. Vetsuypens, “IPO Underpricing and Insurance Against Legal Liability,” Financial Management, vol. 22, Spring 1993, pp. 64-73.
     20.Fama, E. F. and M. C. Jensen, “Separation of Ownership and Control,” Journal of Law and Economics, vol. 26, June 1983, pp. 301-325.
     21.Francis, J. R. and D. T. Simon, “A test of Audit Pricing in the Small-Client Segment of the U.S. Audit Market,” The Accounting Review, vol.62, January 1987, pp. 145-157.
     22.Gordy, M. B., “Multiple Bids in a Multiple-unit Common Value Auction,” Working Paper, 1996.
     23.Gordy, M. B., “Hedging Winner``s Curse with Multiple Bids: Evidence from the Portuguese Treasury Bill Auction,” The Review of Economics and Statistics, vol. 81, August 1999, pp. 448-65.
     24.Holderness, C. G. and D. P. Sheehan, “The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis,” Journal of Financial Eco-nomics, vol. 20, January / February 1988, pp. 317-346.
     25.Ibbotson, R. G. and J. F. Jaffe, “‘Hot Issue’ Markets,” The Journal of Finance, vol. 30, September 1975, pp. 1027-.
     26.Jensen, M. C. and W. H. Meckling, “Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure,” Journal of financial Economics, vol. 3, 1976, pp. 305-360.
     27.Keloharju, M., K. Nyborg, and K. Rydqvist, “Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions,” Working Paper, Helsinki School of Economics, 2001.
     28.Kesner, I. F., “Directors`` Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies,” Journal of Management, vol. 13, Fall 1987, pp. 499-508.
     29.Kiymaz, H., “The Initial and Aftermarket Performance of IPOs in an Emerging Market: Evidence From Istanbul Stock Exchange,” Journal of Multinational Fi-nancial Management, vol. 10, 2000, pp. 213-227.
     30.Koh, F. and T. Walter, “A Direct Test of Rock’s Model of the Pricing of Unseasoned Issues,” Journal of Financial Economics, vol. 23, August 1989, pp. 251-272.
     31.Lee, P. J., S. L. Taylor, and T. S. Walter, “Australian IPO Pricing in the Short and Long Run,” Journal of Banking and Finance, vol. 20, august 1996, pp. 1189-1210.
     32.Lee, P. J., S. L. Taylor, and T. S. Walter, “Expected and Realised Returns for Singaporean IPOs: Initial and Long-run Analysis,” Pacific-Basin Finance Journal, vol. 4, 1996, pp. 153-180.
     33.Leland, H. E. and D. H. Pyle, “Informational Asymmetries, Financial Structure, and Financial Intermediation,” The Journal of Finance, vol. 32, May 1977, pp. 371-387.
     34.McGuinness, P., “The Market Valuation of Initial Public Offerings in Hong Kong,” Applied Financial Economics, vol. 3, September 1993, pp. 267-281.
     35.Menon, K. and D. D. Williams, “Auditor Credibility and Initial Public Offerings,” The Accounting Review, vol. 66, April 1991, pp. 313-332.
     36.Michaely, R. and W. H. Shaw, “Does the Choice of Auditor Convey Quality in an Initial Public Offering?” Financial Management, vol. 24, Winter 1995, pp. 15-30.
     37.Morck, R., A. Shleifer, and R. W. Vishny, “Management Ownership and Market Valuation: An Empirical Analysis,” Journal of Financial Economics, vol. 20, January / February 1988, pp. 293-315.
     38.Muscarella, C. J. and M. R. Vetsuypens, “The Underpricing of “Second” Initial Public Offerings,” The Journal of Financial Research, vol. 12, Fall 1989, pp. 183-201.
     39.Muscarella, C. J. and M. R. Vetsuypens, “A Simple Test of Baron``s Model of IPO Underpricing,” Journal of Financial Economics, vol. 24 September 1989, pp. 125-135.
     40.Nyborg, K., K. Rydqvist, and S. M. Sundaresan, “Bidder Behavior in Multi-Unit Auction: Evidence from Swedish Treasrury auctions,” Journal of Political Economy, forthcoming.
描述 碩士
國立政治大學
財務管理研究所
89357018
資料來源 http://thesis.lib.nccu.edu.tw/record/#A2010000274
資料類型 thesis
dc.contributor.advisor 姜堯民zh_TW
dc.contributor.author (Authors) 張天立zh_TW
dc.creator (作者) 張天立zh_TW
dc.date (日期) 2002en_US
dc.date.accessioned 9-May-2016 16:24:17 (UTC+8)-
dc.date.available 9-May-2016 16:24:17 (UTC+8)-
dc.date.issued (上傳時間) 9-May-2016 16:24:17 (UTC+8)-
dc.identifier (Other Identifiers) A2010000274en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/95503-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 89357018zh_TW
dc.description.abstract (摘要) 　　我國證券承銷制度於民國八十四年三月八日修正公布之新版『證券商承銷或再行銷售有價證券處理辦法』中，引進競價拍賣及詢價圈購兩項國外行之有年的承銷配售制度；此二項配售制度的推行，即是希望過去由發行公司單方面決定之承銷價格，改進為藉由市場運作機制，由市場上的投資人共同訂出。然而，市場上公司資訊的多寡，將會直接影響投標者的投標行為，進而影響經由競價拍賣機制所得到的承銷價格。因此，在這樣的機制下，公司資訊的流通與否將成為此制度是否成功的一項要件。
     　　本文以代理問題與資訊傳遞效果的角度為基礎，希望藉由新上市、上櫃公司股權結構的集中程度，說明公司股權集中在不同類型的投資人手中，其資訊意涵如何影響競價拍賣時投標者的投標行為，並最後影響到上市後折價發行的程度。
     　　本文之實證結果如下：
     　　1.法人董監事、大股東持股比例與競價拍賣得標價之間皆呈現顯著之負向關係；
     　　2.自然人董監事、大股東持股比例與競價拍賣得標價之間皆呈現顯著之正向關係；
     　　3.法人董監事、大股東持股比例與上市折價幅度之間皆呈現負向關係，然僅有法人董監事部份為顯著；
     　　4.自然人董監事、大股東持股比例與上市折價幅度之間皆呈現正向關係，然皆不顯著。		zh_TW
dc.description.tableofcontents 摘要
     目錄-----i
     圖表目錄-----ii
     第一章　緒論-----1
     　　第一節　研究動機-----1
     　　第二節　研究目的-----4
     　　第三節　研究範圍與研究方法-----6
     　　第四節　研究流程與架構-----7
     第二章　文獻探討-----9
     　　第一節　關於競價拍賣之相關文獻-----10
     　　第二節　關於折價發行之相關文獻-----15
     　　第三節　關於股權結構之相關文獻-----23
     　　第四節　本章結論-----30
     第三章　研究方法-----32
     　　第一節　研究樣本與資料來源-----32
     　　第二節　研究假說-----34
     　　第三節　變數定義-----36
     第四章　實證結果分析-----45
     　　第一節　基本統計資料分析-----45
     　　第二節　實證結果分析-----52
     第五章　結論-----71
     《參考文獻》-----73
     
     圖表目錄
     圖1-1　研究架構圖-----8
     表4-1　基本統計資料-----46
     表4-2　法人董監事持股比例分佈表-----48
     表4-3　法人大股東持股比例分佈表-----49
     表4-4　自然人董監事持股比例分佈表-----50
     表4-5　自然人大股東持股比例分佈表-----51
     表4-6　得標價與法人董監事持股比例迴歸分析表-----53
     表4-7　得標價與法人大股東持股比例迴歸分析表-----54
     表4-8　得標價與自然人董監事持股比例迴歸分析表-----59
     表4-9　得標價與自然人大股東持股比例迴歸分析表-----61
     表4-10　蜜月期超額報酬與法人董監事持股比例迴歸分析表-----64
     表4-11　蜜月期超額報酬與法人大股東持股比例迴歸分析表-----67
     表4-12　蜜月期超額報酬與自然人董監事持股比例迴歸分析表-----68
     表4-13　蜜月期超額報酬與自然人大股東持股比例迴歸分析表-----69		zh_TW
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#A2010000274en_US
dc.title (題名) 以股權結構探討新上市公司競價拍賣投標者行為與上市折價發行之現象zh_TW
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 一、國內文獻
     1.王恕，臺灣新上市公司股票安定操作行為之研究，中山大學企業管理研究所未出版碩士論文，民國89年6月。
     2.石美娟，舊股東參與現金增資之可能策略分析，政治大學財務管理研究所未出版碩士論文，民國89年6月。
     3.李文瑞，影響股票公開申購總合格件數之因素探討，中正大學財務金融研究所未出版碩士論文，民國89年6月。
     4.李青娟，公司新股上市時配售方式之選擇與影響，中正大學財務金融研究所未出版碩士論文，民國89年6月。
     5.呂建樺，證券承銷配售方式之選擇，中山大學財務管理研究所未出版碩士論文，民國88年6月。
     6.呂彥慧，股權結構、監督機制、轉投資、交叉持股與公司經營績效之關係─以台灣新上市公司為例，中山大學財管研究所未出版碩士論文，民國89年6月。
     7.汪志勇，新上櫃公司承銷價格對股權結構變動的影響，中山大學企業管理研究所，民國89年6月。
     8.林育雅，我國上市公司董事會特性與盈餘操縱現象之研究，台灣大學會計研究所未出版碩士論文，民國83年6月。
     9.林宗源，從代理問題與公司控制的角度來探討新上市公司股票股價的折價程度，中山大學企業管理研究所未出版碩士論文，民國87年6月。
     10.林明謙，股權結構、董事組成對大股東介入股市行為影響之研究，輔仁大學金融研究所未出版碩士論文，民國90年6月。
     11.施聖乾，承銷商聲譽、新上市公司風險特性與承銷價格低估之研究，東華大學國際企業管理研究所未出版碩士論文，民國90年6月。
     12.高惠娟，新上市股票折價、股權結構與市場流動性之相關研究，中正大學財務金融研究所未出版碩士論文，民國88年6月。
     13.翁淑育，台灣上市公司股權結構.核心代理問題及公司價值之研究，輔仁大學金融研究所未出版碩士論文，民國89年6月。
     14.張明峰，股權結構對公司績效影響之研究，政治大學企業管理研究所未出版碩士論文，民國80年6月。
     15.陳碧滋，我國上市公司股價行為與董監因素關連性之探討，台灣大學會計研究所未出版碩士論文，民國90年6月。
     16.曾麗評，台灣新上市公司股票長期報酬與法人持股之關係，中山大學企管研究所未出版碩士論文，民國90年6月。
     17.楊俊中，股權結構與經營績效相關性之研究，台灣大學會計研究所未出版碩士論文，民國87年6月。
     18.楊慧玲，董事會結構及其變動對股東財富與經營績效影響之研究，朝陽大學企管研究所未出版碩士論文，民國89年6月。
     19.楊琮琪，國內新上櫃公司異常報酬之實證研究，朝陽科技大學財務金融研究所未出版碩士論文，民國90年6月。
     20.廖國興，會計師聲譽與蜜月期關聯性之探討，成功大學會計研究所未出版碩士論文，民國88年6月。
     21.劉宴辰，從代理理論觀點探究股權結構、董事會組成對企業財務績效影響之研究，淡江大學管理科學研究所未出版碩士論文，民國82年6月。
     22.劉立詩，新上市公司股權結構與股票長期績效之研究，中山大學企業管理研究所未出版碩士論文，民國89年6月。
     23.鄭筱凡，全球股權結構與經營績效之研究，東吳大學企管研究所未出版碩士論文，民國90年6月。
     二、國外文獻
     1.Allen, F. and G. R. Faulhaber, “Signaling by Underpricing in the IPO Market,” Journal of Financial Economics, vol. 23, August 1989, pp. 203-323.
     2.Ausubel, L. M., “An Efficient Ascending-Bid Auction for Multi-Unit Auctions,” Working Paper, University of Maryland, 1997.
     3.Baron, D. P., “A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues,” The Journal of Finance, vol. 37, Sep-tember 1982, pp. 955-976.
     4.Beatty, R. P., “Auditor Reputation And The Pricing Of Initial Public Offering,” The Accounting Review, vol. 64, October 1989, pp. 693-709.
     5.Beatty, R. P. and J. R. Ritter, “Investment Banking, Reputation, and the Un-derpricing of Initial Public Offerings,” Journal of Financial Economics, vol. 15, January / February 1986, pp. 213-232.
     6.Berle, A. A. and G. C. Means, The Modern Corporation and Private Property, New York: Macmillan, 1932.
     7.Bikchandani, S. and C. F. Huang, “The Economics of Treasury Securities Mar-kets,” Journal of Economic Perspectives, vol. 7, summer 1993, pp. 117-134.
     8.Bjonnes, G. H., “Winner’s Curse in Discriminatory Price Auction: Evidence from the Norwegian Treasury Bill Auctions,” Working Paper, Norwegian School of Management, June 2001.
     9.Booth, J. R. and L. Chua, “Ownership Dispersion, Costly Information, and IPO Underpricing,” Journal of Financial Economics, vol. 41, June 1996, pp. 291-310.
     10.Brannman, L., J. D. Klein, and L. W. Weiss, “The Price Effects of Increased Competition in Auction Markets,” The Review of Economics and Statistics, vol. 69, February 1987, pp. 24-36.
     11.Brennan, M. J. and J. Franks, “Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK,” Journal of Financial Economics, vol. 45, September 1997, pp. 391-413.
     12.Carpenter, C. G. and R. H. Strawser, “Displacement of Auditors When Clients Go Public,” Journal of Accountancy, vol. 131, March 1971, pp. 55-58.
     13.Carter, R. B., F. H. Dark and A. K. Singh, “Underwriter Reputation, Initial Returns, and the Long-run Performance of IPO Stocks” The Journal of Finance, vol. 53, February 1998, pp. 285-311.
     14.Carter, R. B. and S. Manaster, “Initial Public Offerings and Underwriter Reputa-tion,” The Journal of Finance, vol. 45, September 1990, pp. 1045-1067.
     15.Chaganti, R. and F. Damanpour, “Institutional Ownership, Capital Structure, and Firm Perform,” Strategic Management Journal, vol. 12, October 1991, pp. 479-491.
     16.Cheung, C. S. and I. Krinsky, “Information Asymmetry and the Underpricing of Initial Public Offerings: Further Empirical Evidence,” Journal of Business Finance & Accounting, vol. 21, July 1994, pp. 739-748.
     17.Downes, D. H. and R. Heinkel, “Signaling and the Valuation of Unseasoned New Issues,” The Journal of Finance, vol. 37,March 1982, pp.1-10.
     18.Dawson, S. M. and N. Reiner, “Raising Capital with Initial Public Share in Ger-many,” Management International Review, vol. 28, First Quarter 1988, pp. 64-72.
     19.Drake, P. D. and M. R. Vetsuypens, “IPO Underpricing and Insurance Against Legal Liability,” Financial Management, vol. 22, Spring 1993, pp. 64-73.
     20.Fama, E. F. and M. C. Jensen, “Separation of Ownership and Control,” Journal of Law and Economics, vol. 26, June 1983, pp. 301-325.
     21.Francis, J. R. and D. T. Simon, “A test of Audit Pricing in the Small-Client Segment of the U.S. Audit Market,” The Accounting Review, vol.62, January 1987, pp. 145-157.
     22.Gordy, M. B., “Multiple Bids in a Multiple-unit Common Value Auction,” Working Paper, 1996.
     23.Gordy, M. B., “Hedging Winner``s Curse with Multiple Bids: Evidence from the Portuguese Treasury Bill Auction,” The Review of Economics and Statistics, vol. 81, August 1999, pp. 448-65.
     24.Holderness, C. G. and D. P. Sheehan, “The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis,” Journal of Financial Eco-nomics, vol. 20, January / February 1988, pp. 317-346.
     25.Ibbotson, R. G. and J. F. Jaffe, “‘Hot Issue’ Markets,” The Journal of Finance, vol. 30, September 1975, pp. 1027-.
     26.Jensen, M. C. and W. H. Meckling, “Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure,” Journal of financial Economics, vol. 3, 1976, pp. 305-360.
     27.Keloharju, M., K. Nyborg, and K. Rydqvist, “Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions,” Working Paper, Helsinki School of Economics, 2001.
     28.Kesner, I. F., “Directors`` Stock Ownership and Organizational Performance: An Investigation of Fortune 500 Companies,” Journal of Management, vol. 13, Fall 1987, pp. 499-508.
     29.Kiymaz, H., “The Initial and Aftermarket Performance of IPOs in an Emerging Market: Evidence From Istanbul Stock Exchange,” Journal of Multinational Fi-nancial Management, vol. 10, 2000, pp. 213-227.
     30.Koh, F. and T. Walter, “A Direct Test of Rock’s Model of the Pricing of Unseasoned Issues,” Journal of Financial Economics, vol. 23, August 1989, pp. 251-272.
     31.Lee, P. J., S. L. Taylor, and T. S. Walter, “Australian IPO Pricing in the Short and Long Run,” Journal of Banking and Finance, vol. 20, august 1996, pp. 1189-1210.
     32.Lee, P. J., S. L. Taylor, and T. S. Walter, “Expected and Realised Returns for Singaporean IPOs: Initial and Long-run Analysis,” Pacific-Basin Finance Journal, vol. 4, 1996, pp. 153-180.
     33.Leland, H. E. and D. H. Pyle, “Informational Asymmetries, Financial Structure, and Financial Intermediation,” The Journal of Finance, vol. 32, May 1977, pp. 371-387.
     34.McGuinness, P., “The Market Valuation of Initial Public Offerings in Hong Kong,” Applied Financial Economics, vol. 3, September 1993, pp. 267-281.
     35.Menon, K. and D. D. Williams, “Auditor Credibility and Initial Public Offerings,” The Accounting Review, vol. 66, April 1991, pp. 313-332.
     36.Michaely, R. and W. H. Shaw, “Does the Choice of Auditor Convey Quality in an Initial Public Offering?” Financial Management, vol. 24, Winter 1995, pp. 15-30.
     37.Morck, R., A. Shleifer, and R. W. Vishny, “Management Ownership and Market Valuation: An Empirical Analysis,” Journal of Financial Economics, vol. 20, January / February 1988, pp. 293-315.
     38.Muscarella, C. J. and M. R. Vetsuypens, “The Underpricing of “Second” Initial Public Offerings,” The Journal of Financial Research, vol. 12, Fall 1989, pp. 183-201.
     39.Muscarella, C. J. and M. R. Vetsuypens, “A Simple Test of Baron``s Model of IPO Underpricing,” Journal of Financial Economics, vol. 24 September 1989, pp. 125-135.
     40.Nyborg, K., K. Rydqvist, and S. M. Sundaresan, “Bidder Behavior in Multi-Unit Auction: Evidence from Swedish Treasrury auctions,” Journal of Political Economy, forthcoming.		zh_TW