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題名：以新上市公司股票魅力性觀點探討投資人的非理性行為
書刊名：管理評論
作者：王朝仕 引用關係
作者(外文)：Wang, Chao-shi
出版日期：2010
卷期：29:1
頁次：頁51-74+103-106
主題關鍵詞：申購；新上市公司股票；魅力性；非理性行為；Subscription；Initial public offerings；IPOs；Charisma；Irrational behavior
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(3) 博士論文(0) 專書(0) 專書論文(0)
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  • 共同引用共同引用:94
  • 點閱點閱:81
有別於過去文獻僅以申購市場的結果區分IPOs屬性，本研究更考慮各項攸關價值的因素，提出魅力性觀點，以討論投資人申購行爲是否歸屬於理性決策。本研究所稱魅力性IPOs，其是能夠在申購市場獲取投資人認同者。即使各項攸關IPOs價值因素並無法支持該公司爲相對高度競爭力者，但卻仍然可以吸引投資人積極參與，促使申購市場反應熱絡，此就具備魅力性的特徵。實證結果顯示，就上市初期的階段而言，IPOs魅力性對績效具有正向的影響；然而在此階段之後，IPOs魅力性對績效的影響則轉趨爲負向。針對此截然不同的差異，頗能符合投資人非理性行爲之論述。
Compared with previous researches which classified IPOs' characters through market's response of subscription, this paper provides a new concept-charisma taking value relevant factors into discussion to investigate whether investors' behavior is rational. This research defines charisma IPOs as those which investors are fond of. A charisma IPOs can draw investors' participation without comparative advantage in value relevant factors, and then evoke a hot subscription phenomenon. The empirical results suggest that charisma has positive effect on IPOs' performance in initial period; however, such effect turns to negative in the following terms. The difference fairly addresses the description of investors' irrational behavior.
期刊論文
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