The Performance of Initial Public Offerings Conditioning on Issue Information: The Case of Taiwan_

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題名：	The Performance of Initial Public Offerings Conditioning on Issue Information: The Case of Taiwan
書刊名：	Asia Pacific Management Review
作者：	Chen,Anlin／Chen,Roger C. Y.／Pan,Kuei-ling
出版日期：	2002
卷期：	7:2
頁次：	頁167-189
主題關鍵詞：	Initial public offerings；Long-run performance；Fama-French model；Underpricing；Jensen's alpha；新上市股票
原始連結：	連回原系統網址
相關次數：	被引用次數:期刊(9) 博士論文(0) 專書(0) 專書論文(0) 排除自我引用:9 共同引用:2 點閱:32

This study employs the Fama-French three-factor model as well as Jensen’s alpha to measure the long-run performance of IPOs in Taiwan. Our results show that the long-run performance of IPOs based on market adjusted returns or returns adjusted by market model is poor. However, the long-run performance based on Fama-French three-factor model is similar to the normal return pattern of an ordinary asset. Therefore, we conclude that the underperformance of IPOs in Taiwan is attributed to the mis-specification of the measurement model. Furthermore, we also show that the performance of IPOs in Taiwan is significantly driven by young and electronic offerings.

以文找文

期刊論文
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2.	陳安琳(1997)。新上市公司股票相關之理論與實證文獻回顧。管理學報，14(3)，403-436。延伸查詢
3.	Jegadeesh, N.、Weinstein, M.、Welch, I.(1993)。An Empirical Investigation of IPO Returns and Subsequent Equity Offerings。Journal of Financial Economics，34(2)，153-175。
4.	夏侯欣榮(19970400)。新上市股票長期績效之實證研究。Proceedings of the National Science Council. Part C, Humanities and Social Sciences，7(2)，260-275。延伸查詢
5.	Shiller, Robert J.(1990)。Speculative Prices and Popular Models。Journal of Economic Perspectives，4(2)，55-65。
6.	Carter, R. B.、Dark, F. H.、Singh, A. K.(1998)。Underwriter Reputation, Initial Returns, and the Long-Run Performance of IPO Stocks。Journal of Finance，53(1)，285-311。
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8.	Fama, Eugene F.、French, Kenneth R.(1996)。The CAPM Is Wanted, Dead or Alive。The Journal of Finance，51(5)，1947-1958。
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20.	Ritter, Jay R.(1991)。The Long-run Performance of Initial Public Offerings。Journal of Finance，46(1)，3-27。
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23.	Fama, Eugene F.、French, Kenneth R.(1993)。Common risk factors in the returns on stocks and bonds。Journal of Financial Economics，33(1)，3-56。
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研究報告
1.	Cotter, J. F.(1996)。The Long-Run Efficiency of IPOs。University of Iowa。
2.	Partch, M.、Mikkelson, W. H.、Shah, K.(1995)。Going Public and Operating Performance。University of Oregon。
3.	Toeh, S. H.、Wong, T. J.、Rao, G. R.(1993)。Earning Management and the Long-Term Market Performance of Initial Public Offerings。USA。

學位論文
1.	洪振虔(2000)。臺灣地區新上市股票價格績效與獲利績效之研究，0。延伸查詢

圖書
1.	Ibbotson, R. G.、Ritter, J. R.(1995)。Initial Public Offerings。Handbooks of Operations Research and Management Science。沒有紀錄。

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