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：實施穩定價格機制對臺灣IPOs市場品質的影響
書刊名：證券市場發展季刊
作者：邱臙珍
作者(外文)：Chiu, Yen-chen
出版日期：2017
卷期：29:1=113
頁次：頁57-104
主題關鍵詞：初次公關發行；穩定價格機制；市場品質；Initial public offerings；Price stabilization mechanism；Market quality
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(0) 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:0
  • 共同引用共同引用:14
  • 點閱點閱:8
本文旨在探討實施穩定價格機制對台灣IPOs市場品質的影響，並進一步分析穩定價格行為屬性、市場狀態、承銷商聲譽等因素對IPOs市場品質影響 的差異。實證結果顯示，執行穩定價格機制會增進市場流動性與市場波動性，但對市場效率性卻無顯著的影響；其次，穩定價格行為屬性若為上市(櫃)首五日的執行日期，實證發現若為第一天執行穩定價格措施，對市場流動性、市場波動性與市場效率性有強化的效果；而市場熱季狀態對執行穩定價格機制之市場品質有提升市場流動性與降低市場波動性的效果，但承銷商聲譽並不會對執行穩定價格機制之市場品質產生影響。
This study aims to evaluate the effect of the implementation of the price stabilization mechanism on the market quality of the Taiwan IPOs market and further examine the relationship between the attributes of the price stabilization mechanism, the market status, the underwriters' reputation and the pr ice stabilization mechanism on the market quality. Empirical results that the implementation of the price stabilization mechanism contributes to the increase in market liquidity and volatility, but it has no significant improvement in market efficiency. If we control the first-day implementation attribute of stabilization mechanism that the market liquidity, volatility and efficiency are found to have significant improvements. Moreover, this provides strong evidence supporting that the price stabilization mechanism and the market quality should be related to the market status, while the relation is trivial for the underwriters' reputation.
期刊論文
1.Chalk, A.、Peavy, J.(1987)。Initial Public Offerings, Daily Return Offering Types and the Price Effect。Financial Analysts Journal，43(1)，65-69。  new window
2.Nanda, V.、Yun, Y.(1997)。Reputation and financial intermediation: An empirical investigation of the impact of IPO mispricing on underwriter market value。Journal of Financial Intermediation，6(1)，39-63。  new window
3.Diether, K. B.、Lee, K. H.、Werner, I. M.(2009)。Short-Selling Strategies and Return Predictability。Review of Finance Studies，22(2)，575-607。  new window
4.Eldor, R.、Hauser, S.、Pilo, B.、Shurki, I.(2006)。The Contribution of Market Makers to Liquidity and Efficiency of Options Trading in Electronic Markets。Journal of Banking and Finance，30(7)，2025-2040。  new window
5.Beneveniste, L. M.、Busaba, W. Y.、Wilhelm, W. J. Jr.(1998)。Who Benefits from Secondary Market Price Stabilization of IPOs?。Journal of Banking and Finance，22(6-8)，741-767。  new window
6.Dunbar, C.(2000)。Factors Affecting Investment Bank Initial Public Offering Market Share: An Examination of Trading in the IPO Aftermarket。Journal of Finance，55(1)，3-41。  new window
7.Schultz, P. H.、Zamand, M. A.(1994)。Aftermarket Support and Underpricing of Initial Public Offerings。Journal of Financial Economics，35(2)，199-219。  new window
8.Chowdhry, B.、Nanda, V.(1996)。Stabilization, Syndication, and Pricing of IPOs。Journal of Financial and Quantitative Analys，31(1)，25-42。  new window
9.Hasbrouck, J.(2009)。Trading Costs and Returns for U.S. Equities: Estimating Effective Costs from Daily Data。The Journal of Finance，64(3)，1445-1477。  new window
10.Chordia, Taran、Swaminathan, Bhaskaram(2000)。Trading volume and cross-autocorrelations in stock returns。The Journal of Finance，55(2)，913-935。  new window
11.Stoughton, N. M.、Wong, K. P.、Zechner, J.(2001)。IPOs and Product Quality。The Journal of Business，74(3)，375-408。  new window
12.Zhang, D.(2004)。Why Do IPO Underwriters Allocate Extra Shares when They Expect to Buy Them Back?。Journal of Financial and Quantitative Analysis，39(3)，571-594。  new window
13.Benveniste, L. M.、Busaba, W. Y.、Wilhelm, W. J. Jr.(1996)。Price Stabilization as a Bonding Mechanism in New Equity Issues。Journal of Financial Economics，42(2)，223-255。  new window
14.范宏書、林彥廷、陳慶隆(20111000)。94年加強承銷商責任與罰責的新承銷機制對初次上市櫃股票短期異常報酬之影響。管理與系統，18(4)，687-718。new window  延伸查詢new window
15.Benveniste, L. M.、Ljungqvist, A. P.、Wilhelm, W. J.、Yu, X.(2003)。Evidence of Information Spillovers in the Production of Investment Banking Services。Journal of Finance，58(2)，577-608。  new window
16.Yen, G.、Yen, E. C.、Chen, H. L.(1995)。Excess returns of unseasoned new issues: an institutional perspective。Advances in Pacific Basin Business, Economics and Finance，1(1)，337-348。  new window
17.Ellis, K.、Michaely, R.、O'Hara, M.(2000)。When the Underwriter is the Market Maker: An Examination of Trading in the IPO Aftermarket。Journal of Finance，55(3)，1039-1074。  new window
18.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
19.Titman, S.、Trueman, B.(1986)。Information Quality and the Valuation of New Issues。Journal of Accounting and Economics，8(2)，159-172。  new window
20.Ibbotson, Roger G.、Sindelar, Jody L.、Ritter, Jay R.(1988)。Initial public offerings。Journal of Applied Corporate Finance，1(2)，37-45。  new window
21.張邦茹、黃柏凱、姜堯民、江禎泰(20131200)。臺灣新股上市穩定價格操作的效果。證券市場發展，25(4)=100，105-145。new window  延伸查詢new window
22.陳安琳、陳振遠、王恕(20020400)。影響臺灣新上市公司股票安定操作之因素。證券市場發展，14(1)=53，111-137。new window  延伸查詢new window
23.Booth, J.、Smith, R.(1986)。Capital raising, underwriting and the certification hypothesis。Journal of Financial Economics，15(1/2)，261-281。  new window
24.Ruud, J. S.(1993)。Underwriter Price Support and the IPO Underpricing Puzzle。Journal of Financial Economics，34(2)，135-151。  new window
25.Rajan, R.、Servaes, H.(1997)。Analyst following of initial public offerings。Journal of Finance，52(2)，507-529。  new window
26.Carter, Richard B.、Manaster, Steven(1990)。Initial public offerings and underwriter reputation。Journal of Finance，45(4)，1045-1067。  new window
27.Chordia, T.、Subrahmanyam, A.(2004)。Order imbalance and individual stock returns: Theory and evidence。Journal of Financial Economics，72(3)，485-518。  new window
28.Ellul, A.、Pagano, M.(2006)。IPO Underpricing and After-Market Liquidity。Review of Financial Studies，19(2)，381-421。  new window
29.李佩璇、唐維勵(20120600)。臺灣IPO市場過額配售比例之決定因素。證券市場發展季刊，24(2)=94，215-245。new window  延伸查詢new window
30.Aggarwal, R.(2000)。Stabilization Activities by Underwriters after Initial Public Offerings。Journal of Finance，55(3)，1075-1103。  new window
31.Beatty, R. P.、Ritter, J. R.(1986)。Investment Banking, Reputation, and the Under-pricing of Initial Public Offerings。Journal of Financial Economics，15(1/2)，213-232。  new window
32.Corwin, S. A.、Harris, J. H.、Lipson, M. C.(2004)。The Development of Secondary Market Liquidity for NYSE-Listed IPOs。Journal of Finance，59(5)，39-74。  new window
33.Goyenko, R. Y.、Holden, W.、Trzcinka, A.(2009)。Do Liquidity Measures Measure Liquidity?。Journal of Financial Economics，92(2)，153-181。  new window
34.Gleason, K.、Johnston, J.、Madura, J.(2008)。What factors drive IPO aftermarket risk?。Applied Financial Economics，18(3)，1099-1110。  new window
35.Lee, Y. S.(2012)。The Determinants of Cross-Sectional Liquidity in the IPO Aftermarket。Applied Financial Economics，22(14)，1161-1173。  new window
36.Ibbotson, R. G.、Sindelar, J. L.、Ritter, J. R.(1994)。The Market's Problems with the Pricing of Initial Public Offerings。Journal of Applied Corporate Finance，7(1)，66-74。  new window
37.Megginson, W.、Weiss, K.(1991)。Venture Capitalist Certification in Initial Public Offers。Journal of Finance，46(3)，879-903。  new window
38.Lowry, M.、Schwert, G. W.(2004)。Is the IPO Pricing Process Efficient?。Journal of Financial Economics，71(1)，3-26。  new window
39.Lowry, M.、Officer, M. S.、Schwert, G. W.(2010)。The Variability of IPO Initial Returns。Journal of Finance，65(2)，425-465。  new window
40.Lin, T. H.(1995)。Investment Banker Reputation and New Equity Offerings。Journal of Financial Studies，3(1)，119-143。  new window
41.Lewellen, K.(2006)。Reputation and IPO Price Support。Journal of Finance，61(2)，613-653。  new window
42.Nimalendran, M.、Petrella, G.(2003)。Do 'Thinly -traded' Stocks Benefitfrom Specialist Intervention?。Journal of Banking and Finance，27(1)，1823-1854。  new window
43.Persons, J.、Warther, V.(1997)。Boom and Bust Patterns in the Adoption of Financial Innovations。Review of Financial Studies，10(4)，939-967。  new window
44.Ahn, Hee-Joon、Bae, Kee-Hong、Chan, Kalok(2001)。Limit Orders, Depth and Volatility: Evidence from the Stock Exchange of Hong Kong。Journal of Finance，56(2)，767-788。  new window
45.Ritter, Jay R.(1984)。The "Hot Issue" Market of 1980。Journal of Business，57(2)，215-240。  new window
46.Rock, Kevin F.(1986)。Why new issues are underpriced。Journal of Financial Economics，15(1/2)，187-212。  new window
47.Lee, Charles M. C.、Mucklow, Belinda、Ready, Mark J.(1993)。Spreads, Depths, and the Impact of Earnings Information: An Intraday Analysis。The Review of Financial Studies，6(2)，345-374。  new window
48.Christie, William G.、Huang, Roger D.(1995)。Following the pied piper: Do individual returns herd around the market?。Financial Analysts Journal，51(4)，31-37。  new window
49.Amihud, Yakov(2002)。Illiquidity and Stock Returns: Cross- section and Time-series Effects。Journal of Financial Markets，5(1)，31-56。  new window
研究報告
1.Carvalho, A. G.、Pinherio, D. B.(2008)。Determinats of Stabilization in Initial Public Offerings。Sao Paulo：Fundacao Getulio Vargas School of Business。  new window
2.Prabhala, N. L.、Puri, M.(1998)。How does Underwrite Price Support Affect IPOs?。Yale University。  new window
圖書論文
1.Ibbotson, R. G.、Ritter, J. R.(1995)。Initial Public Offerings。Handbooks of Operations Research and Management Science。North-Holland。  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：901（臺灣：890，外國：11） ／ 本年度總使用人次：1972506 ／ 訪客人次（自102年09月）：67791403
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