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題名 公開訊息與IPO市場的Cascades:以臺灣為例
作者 徐燕山
關鍵詞 公開資訊;串連;新股票上市;台灣
Public information;Cascade;Initial public offering (IPO);Taiwan
日期 2003
上傳時間 18-四月-2007 16:41:48 (UTC+8)
出版社 臺北市:國立政治大學財務管理學系
摘要 This paper examines information cascades in Taiwanese IPOs. We find that public information is the primary driver of a positive cascade. The evidence suggests that investors condition their demand for shares on public information, and issuers might also condition their going-public decisions on market conditions. Although private information affects IPO underpricing, the effect of public information on underpricing is even stronger, indicating that asymmetric information is not the primary driver of IPO underpricing. Rather, underpricing is attributable more to public than to private signals. Finally, we show that herding is more likely to occur in fixed-price offerings than in IPO auctions.
描述 核定金額:111200元
資料類型 report
dc.coverage.temporal 計畫年度:92 起迄日期:20030801~20040731en_US
dc.creator (作者) 徐燕山zh_TW
dc.date (日期) 2003en_US
dc.date.accessioned 18-四月-2007 16:41:48 (UTC+8)en_US
dc.date.accessioned 8-九月-2008 16:34:42 (UTC+8)-
dc.date.available 18-四月-2007 16:41:48 (UTC+8)en_US
dc.date.available 8-九月-2008 16:34:42 (UTC+8)-
dc.date.issued (上傳時間) 18-四月-2007 16:41:48 (UTC+8)en_US
dc.identifier (其他 識別碼) 922416H004029.pdfen_US
dc.identifier.uri (URI) http://tair.lib.ntu.edu.tw:8000/123456789/4137en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/4137-
dc.description (描述) 核定金額:111200元en_US
dc.description.abstract (摘要) This paper examines information cascades in Taiwanese IPOs. We find that public information is the primary driver of a positive cascade. The evidence suggests that investors condition their demand for shares on public information, and issuers might also condition their going-public decisions on market conditions. Although private information affects IPO underpricing, the effect of public information on underpricing is even stronger, indicating that asymmetric information is not the primary driver of IPO underpricing. Rather, underpricing is attributable more to public than to private signals. Finally, we show that herding is more likely to occur in fixed-price offerings than in IPO auctions.-
dc.format applicaiton/pdfen_US
dc.format.extent bytesen_US
dc.format.extent 596325 bytesen_US
dc.format.extent 596325 bytes-
dc.format.extent 18907 bytes-
dc.format.mimetype application/pdfen_US
dc.format.mimetype application/pdfen_US
dc.format.mimetype application/pdf-
dc.format.mimetype text/plain-
dc.language zh-TWen_US
dc.language.iso zh-TWen_US
dc.publisher (出版社) 臺北市:國立政治大學財務管理學系en_US
dc.rights (權利) 行政院國家科學委員會en_US
dc.subject (關鍵詞) 公開資訊;串連;新股票上市;台灣-
dc.subject (關鍵詞) Public information;Cascade;Initial public offering (IPO);Taiwan-
dc.title (題名) 公開訊息與IPO市場的Cascades:以臺灣為例zh_TW
dc.type (資料類型) reporten