臺灣人文及社會科學引文索引資料庫系統

:::

詳目顯示

回上一頁
第 1 筆 / 總合 1 筆   第一頁 上一頁 下一頁 最後一頁
/1頁
題名：為何臺灣的競價拍賣逐漸式微於初次上市市場？
書刊名：臺大管理論叢
作者：江淑貞 引用關係／吳桂燕 引用關係
作者(外文)：Chiang, Sue-jane／Wu, Kuei-yen
出版日期：2013
卷期：23:2
頁次：頁29-64
主題關鍵詞：初次上市；承銷方式；價格發現；IPO；Underwriting method；Price discovery
原始連結：連回原系統網址new window
相關次數：
  • 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)
  • 排除自我引用排除自我引用:3
  • 共同引用共同引用:29
  • 點閱點閱:34
"競價拍賣自1995 年引進台灣股市以來，2003 年只剩1 家公司採用，儘管許多文獻都認為競價拍賣的價格發現功能最佳，為何實務上卻不受青睞？本文從價格發現的角度，探討台灣的競價拍賣逐漸式微的原因。實證結果顯示：相較於「全數公開申購」，台灣的競價拍賣雖具有價格發現功能，但卻有落後的情形，即在「部分競拍、部分公開申購」下，透過競拍所獲得的市場訊息因受限於「承銷價上限」之規定，無法反應在承銷價的訂定，反而是遞延到上市後導致過度反應。由本文結果推論：在台灣的競價拍賣制度下，遞延的價格發現功能，可能是競價拍賣式微的重要原因。"
From the viewpoint of price discovery, we analyzed the reason why the Taiwanese auctions decreased to only one case in 2003 since the IPOs were first allowed to use the hybrid auctions in 1995. The empirical results showed that there was no price discovery in the fixed priced offer method, but the price discovery delayed until aftermarket because there is price ceiling in the hybrid auctions. That is, the aftermarket overreaction was due to the fact that the market information from Taiwanese auction bids did not react in setting the offer price. The results suggested that the delay in price discovery was the reason why Taiwanese auctions vanished in IPOs.
期刊論文
1.陳振遠、王朝仕(20080600)。熱發行與新上市公司股票績效。臺灣金融財務季刊，9(2)，33-68。new window  延伸查詢new window
2.Jordan, B. D.、Dolvin, S. D.(2008)。Underpricing, overhang, and the cost of going public to preexisting shareholders。Journal of Business Finance and Accounting，35(3/4)，434-458。  new window
3.Kuckkocaoglu, G.(2008)。Underpricing in Turkey: A comparison of the IPO methods。International Research Journal of Finance and Economics，13(1)，162-182。  new window
4.Kutsuna, K.、Smith, R.(2004)。Why does book building drive out auction methods of IPO issuance? Evidence from Japan。Review of Financial Studies，17(4)，1129-1166。  new window
5.Lee, Y. T.、Lin, J. C.、Liu, Y. J.(2007)。IPO auctions and private information。Journal of Banking and Finance，31(5)，1483-1500。  new window
6.Lee, P. M.、Wahal, S.(2004)。Grandstanding, certification and the underpricing of venture capital backed IPOs。Journal of Financial Economics，73(2)，375-407。  new window
7.Liu, Y.、Wei, J.、Liaw, G.(2003)。On the demand elasticity of initial public offerings: An analysis of discriminatory auctions。International Review of Finance，2(3)，151-178。  new window
8.Onur, A.、Cook, D.、Kieschnick, R.(2004)。Monitoring as a motivation for IPO underpricing。Journal of Finance，59(5)，2403-2420。  new window
9.Sherman, A. E.(2005)。Global trends in IPO methods: Book-building versus auctions with endogenous entry。Journal of Financial Economics，78(3)，3-29。  new window
10.Zhang, S.(2005)。Underpricing, share overhang, and insider selling in follow-on offerings。Financial Review，40(3)，409-428。  new window
11.Derrien, F.、Womack, K. L.(2003)。Auction vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets。Review of Financial Studies，16(1)，31-61。  new window
12.Kandel, S.、Sarig, O.、Wohl, A.(1999)。The Demand for Stocks: An Analysis of IPO Auctions。Review of Financial Studies，12(2)，227-248。  new window
13.Pettway, R. H.、Kaneko, T.(1996)。The Effects of Removing Price Limits and Introducing Auctions upon Short-term IPO Returns: The Case of Japanese IPOs。Pacific-Basin Finance Journal，4(2/3)，241-258。  new window
14.Brennan, Michael J.、Franks, Julian(1997)。Underpricing, Ownership and Control in Initial Public Offerings of Equity Securities in the UK。Journal of Financial Economics，45(3)，391-413。  new window
15.Miller, R. E.、Reilly, F. K.(1987)。An Examination of Mispricing, Returns, and Uncertainty for Initial Public Offerings。Financial Management，16(2)，33-38。  new window
16.Benveniste, L. M.、Busaba, W. Y.(1997)。Bookbuilding vs. Fixed Price: An Analysis of Competing Strategies for Marketing IPOs。Journal of Financial and Quantitative Analysis，32(4)，383-403。  new window
17.Derrien, Franҫois(2005)。IPO pricing in Hot market conditions: who leaves money on the Table?。The Journal of Finance，60(1)，487-521。  new window
18.Ljungqvist, A. P.、Nanda V.、Singh R.(2006)。Hot markets, investor sentiment, & IPO pricing。Journal of Business，79(4)，1667-1702。  new window
19.Beatty, R. P.、Ritter, J. R.(1986)。Investment banking, reputation, and the underpricing of initial public offerings。Journal of Financial Economics，15(1/2)，213-232。  new window
20.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。  new window
21.Welch, Ivo(1992)。Sequential Sales, Learning, and Cascades。The Journal of Finance，47(2)，695-732。  new window
22.徐燕山、洪崇文、徐政義(20090900)。Why Have IPO Auctions Lost Market Share to Fixed-price Offers? Evidence from Taiwan。財務金融學刊，17(3)，1-36。new window  延伸查詢new window
23.陳軒基、葉秀娟、陳右超(20030100)。承銷制度與折價幅度：臺灣初次上市櫃股票之實證分析（1980-2000）。證券市場發展，14(4)=56，175-198。new window  延伸查詢new window
24.Aggarwal, Reena、Rivoli, Pietra(1990)。Fads in the initial public offering market?。Financial Management，19(4)，45-57。  new window
25.Benveniste, Lawrence M.、Spindt, Paul A.(1989)。How Investment Bankers Determine the Offer Price and Allocation of New Issues。Journal of Financial Economics，24(2)，343-361。  new window
26.Rock, Kevin(1986)。Why New Issues Are Underpriced?。Journal of Financial Economics，15(1/2)，187-212。  new window
27.Ibbotson, Roger G.、Jaffe, Jeffrey F.(1975)。"Hot Issue" Markets。Journal of Finance，30(3)，1027-1042。  new window
28.Loughran, Tim、Ritter, Jay R.(2002)。Why Don't Issuers Get Upset about Leaving Money on the Table in IPOs?。Review of Financial Studies，15(2)，413-444。  new window
29.Loughran, Tim、Ritter, Jay R.、Rydqvist, Kristian(1994)。Initial Public Offerings: International Insights。Pacific-Basin Finance Journal，2(2/3)，165-199。  new window
30.Ibbotson, Roger G.(1975)。Price performance of common stock new issues。Journal of Financial Economics，2(3)，235-272。  new window
31.Ritter, Jay R.(1984)。The "Hot Issue" Market of 1980。Journal of Business，57(2)，215-240。  new window
32.Spatt, C.、Srivastava, S.(1991)。Preplay Communication, Participation Restrictions, and Efficiency in Initial Public Offerings。Review of Financial Studies，4(4)，709-726。  new window
33.Ruth, S.、Kuan, T.、Li, L. E.、Andrew, K.(1999)。The Effects of Offering Method and Trading Location on the Pricing of IPOs in Singapore。Applied Financial Economics，9(5)，491-499。  new window
34.Kaneko, T.、Pettway, R. H.(2003)。Auctions versus book building of Japanese IPOs。Pacific-Basin Finance Journal，11(4)，439-462。  new window
研究報告
1.Biais, B.、Faugreon-Crouzet, A. M.(1998)。IPO auctions。  new window
2.Chemmanur T. J.、Liu, M. H.(2006)。How should a firm go public? A dynamic model of the choice between fixed-price offerings and auctions in IPO and privatizations。  new window
3.Jagannathan, R.、Sherman, A. E.(2006)。Why do IPO auctions fail?。  new window
4.Leleux, B.、Paliard, R.(1995)。The posted-price paradox: Evidence on the floatation mechanism selection process in France。  new window
5.Ljungqvist, A. P.、Jenkinson, T.、Wilhelm, W. J.(2000)。Has the introduction of bookbuilding increased the efficiency of international IPOs?。  new window
學位論文
1.吳文英。臺灣股票市場IPOs現象之再探討(碩士論文)。雲林科技大學。  延伸查詢new window
2.葉志毅。承銷制度對新上市股票長短期績效之影響－以台灣為例(碩士論文)。淡江大學。  延伸查詢new window
 
 
 
 
第一頁 上一頁 下一頁 最後一頁 top
:::
無相關書籍
 
無相關著作
 
QR Code
QRCODE

臺灣人文及社會科學引文索引資料庫

目前上線人數：673（臺灣：664，外國：9） ／ 本年度總使用人次：2219088 ／ 訪客人次（自102年09月）：68025973
國家圖書館著作權聲明 Copyright © 2013 All rights reserved.
本館地址: 100201臺北市中山南路20號． 本館地圖及交通資訊．
總機：(02)23619132．最佳瀏覽解析度為1024x768以上