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題名 On the Association between IPO Underpricing and Reversal and Taiwan`s Regulatory Reforms for Mandatory Forecasts
作者 Chin, Chen-Lung ; Lin, Hsiou-Wei William ; Syu, Yir-Jung Emily
金成隆;林修葳;許宜中
貢獻者 會計系
關鍵詞 initial public offerings;
     mandatory management forecasts;
     voluntary forecasts;
     pure underpricing;
     subsequent reversal
日期 2011-03
上傳時間 6-Mar-2014 17:07:07 (UTC+8)
摘要 The unique institutions in Taiwan may add to our understanding of the effect of initial public offering (IPO) firm disclosures. Consistent with the notion of market mispricing, most of Taiwan`s IPOs were with consecutive up-limit hits followed by substantial price reversals. In this study, we decompose IPO underpricing into two components: pure underpricing and subsequent reversal, exploring the impact of the 1991 mandate that IPO firms should include their management forecasts in the prospectuses on these two anomaly measures. Our results support the notion that disclosure regulations ameliorate investors` mispricing the stocks. First, pure underpricing and reversal are significantly less (more) pronounced for post-mandate (pre-mandate) IPO stocks. In contrast, consistent with the cheap talk hypothesis, the pre-mandate voluntary forecasters (non-forecasters) appear to be more (less) underpriced. Second, the duration of underpricing for the post-mandate (pre-mandate) IPOs appears to be shorter (longer). Nevertheless, underpricing lasted relatively longer (shorter) for the pre-mandate IPOs with (with no) voluntary disclosures.
關聯 Journal of Forecasting, 30(2), 225-248
資料類型 article
dc.contributor 會計系en_US
dc.creator (作者) Chin, Chen-Lung ; Lin, Hsiou-Wei William ; Syu, Yir-Jung Emilyen_US
dc.creator (作者) 金成隆;林修葳;許宜中zh_TW
dc.date (日期) 2011-03en_US
dc.date.accessioned 6-Mar-2014 17:07:07 (UTC+8)-
dc.date.available 6-Mar-2014 17:07:07 (UTC+8)-
dc.date.issued (上傳時間) 6-Mar-2014 17:07:07 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/64497-
dc.description.abstract (摘要) The unique institutions in Taiwan may add to our understanding of the effect of initial public offering (IPO) firm disclosures. Consistent with the notion of market mispricing, most of Taiwan`s IPOs were with consecutive up-limit hits followed by substantial price reversals. In this study, we decompose IPO underpricing into two components: pure underpricing and subsequent reversal, exploring the impact of the 1991 mandate that IPO firms should include their management forecasts in the prospectuses on these two anomaly measures. Our results support the notion that disclosure regulations ameliorate investors` mispricing the stocks. First, pure underpricing and reversal are significantly less (more) pronounced for post-mandate (pre-mandate) IPO stocks. In contrast, consistent with the cheap talk hypothesis, the pre-mandate voluntary forecasters (non-forecasters) appear to be more (less) underpriced. Second, the duration of underpricing for the post-mandate (pre-mandate) IPOs appears to be shorter (longer). Nevertheless, underpricing lasted relatively longer (shorter) for the pre-mandate IPOs with (with no) voluntary disclosures.-
dc.format.extent 217045 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Journal of Forecasting, 30(2), 225-248en_US
dc.subject (關鍵詞) initial public offerings;
     mandatory management forecasts;
     voluntary forecasts;
     pure underpricing;
     subsequent reversal		-
dc.title (題名) On the Association between IPO Underpricing and Reversal and Taiwan`s Regulatory Reforms for Mandatory Forecastsen_US
dc.type (資料類型) articleen