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題名：A Survey on IPO Related Theories and Evidence
書刊名：管理學報
作者：陳安琳 引用關係
作者(外文)：Chen, Anlin
出版日期：1997
卷期：14:3
頁次：頁403-436
主題關鍵詞：新上市公司股票；異常現象；公開發行；Initial public offerings；Anomalies；Going public
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(4) 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:38
  • 點閱點閱:11
　　　　　本文回顧在新上市公司股票方面的理論與實證文獻。在發行決策上，我們討論了 發行公司選擇承銷商的策略以及發行證券的方式。同時我們也探討了承銷商在發行證券過程 中的功能及其所扮演的角色。基本上，承銷商的功能包括有銷售、監督、保證、蒐集資訊以 及價格穩定等。另外，在發行成本方面，我們討論了直接發行成本及間接的價格低估成本。 此外，本文亦對新上市公司股票長期困惑學者的異常現象，如超額初始報酬，長期績效不佳 ，以及發行熱季等提出說明。最後，本文討論對異常報酬的計算方式，並對新上市公司股票 的後續研究方向提出建議。
　　　　　This paper surveys the theories and evidence on initial public offerings (IPOs). In the marketing decision, this paper discusses the decision of using underwriters, and the types of offering contracts. Besides, this paper also investigates the functions of the underwriters. These functions consist of marketing, reputation, monitoring, information acquisition, and price stabilization. Further, going public is not a free lunch. The costs of going public are the underpricing, miscellaneous expenses, underwriter spread, and underwriter warrants. The anomalies and teh causes for anomalies are examined. There are three anomalies-positive mean initial returns, post-issue performance, and hot issue market in the IPO market. Moreover, this paper reviews the methods of measuring the abnormal returns of IPOS The previous empirical researches emphasize on market-adjusted model, RATS model, and matching procedure in measuring the IPO performance. Finally, suggestions and open questions for future research on IPOs are proposed.
期刊論文
1.Zaman, M. A.、Schultz, P. H.(1994)。Aftermarket Support and Underpricing of Initial Public Offerings。Journal of Financial Economics，35，199-219。  new window
2.Hanley, K. W.(1993)。The Underpricing of Initial Public Offerings and the Partial Adjustment Pheomenon。Journal of Financial Economics，34，231-250。  new window
3.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
4.Smith, C. W. Jr.(1986)。Investment Banking and the Capital Acquisition Process。Journal of Financial Economics，15(1/2)，3-29。  new window
5.McConnell, J. J.、Sanger, G. C.(1987)。The Puzzle in Post-Listing Common Stock Returns。Journal of Finance，42(1)，119-140。  new window
6.Grinblatt, M.、Hwang, C. Y.(198906)。Signaling and the Pricing of New Issues。Journal of Finance，44，393-420。  new window
7.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
8.Chemmanur, Thomas J.(1993)。The Pricing of Initial Public Offerings: A Dynamic Model with Information Production。The Journal of Finance，48，285-305。  new window
9.Shiller, Robert J.(1990)。Speculative Prices and Popular Models。Journal of Economic Perspectives，4(2)，55-65。  new window
10.Bhandari, A.、Grammatikos, Theoharry、Makhija, Anil K.、Papaioannou, George(1989)。Risk and return on newly listed stocks: the post-listing experience。Journal of Financial Research，12(2)，93-102。  new window
11.Welch, I.(1992)。Sequential Sales, Learning, and Cascading。Journal of Finance，47(2)，695-732。  new window
12.Menon, Krishnagopal、Williams, David D.(1991)。Auditor Credibility and Initial Public Offerings。The Accounting Review，66(2)，313-332。  new window
13.Dunbar, C. G.(1997)。Overallotment option restrictions and contract choice in initial public offerings。Journal of Corporate Finance，3，251-275。  new window
14.Affleck-Graves, J.、Miller, R. E.(1989)。Regulatory and procedural effects on the underpricing of initial public offerings。Journal Financial Research，12(3)，193-202。  new window
15.Smith, C. W.(1986)。Raising capital: Theory and evidence。Midland Journal of Corporate Finance，4，6-22。  new window
16.Allen, F.、Faulhaber, G. R.(1989)。Signaling by underpricing in the IPO market。Journal of Financial Economics，23，203-323。  new window
17.Beaty, R. P.、Ritter, J. R.(1986)。Investment Banking, Reputation, and Underpricing of Initial Public Offerings。Journal of Financial Economics，15，213-232。  new window
18.Gompers, P. A.(1996)。Grandstanding in the venture capital industry。Journal of Financial Economics，42(1)，133-156。  new window
19.Baron, D. P.(1982)。A model of the demand of investment banking advising and distribution services for new issues。Journal of Finance，37(4)，955-976。  new window
20.Bhagat, S.、Frost, P.(1986)。Issuing costs to existing shareholders in competitive and negotiated underwriting public utility equity offering。Journal of Financial Economics，15，233-259。  new window
21.Holthausen, R. W.、Larcker, D. F.(1996)。The financial performance of reverse leveraged buyouts。Journal of Financial Economics，42，293-332。  new window
22.Benveniste, L. M.、Wilhelm, W. J.(1990)。A comparative analysis of IPO proceeds under alternative regulatory environments。Journal of Financial Economics，28，173-208。  new window
23.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
24.Carter, Richard R.、Manaster, Steven(1990)。Initial Public Offerings and Underwriter Reputation。The Journal of Finance，45(4)，1045-1067。  new window
25.Tinic, Seha M.(1988)。Anatomy of Initial Public Offerings of Common Stock。Journal of Finance，43(4)，789-822。  new window
26.Ibbotson, Roger G.、Sindelar, Jody L.、Ritter, Jay R.(1988)。Initial public offerings。Journal of Applied Corporate Finance，1(2)，37-45。  new window
27.Loughran, Tim、Ritter, Jay R.(1995)。The New Issue Puzzle。Journal of Finance，50(1)，23-52。  new window
28.林象山(1995)。承輔商安定操作對新上市股票之影響。管理科學學報，12，247-266。  延伸查詢new window
29.Chalk, A. J.、Peavy, J. W.(1989)。Initial public offerings: Daily return, offerings types and the price effect。Financial Analysts Journal，43，65-69。  new window
30.Chowdhiy, B.、Nanda, V.(1996)。Stabilization, syndication, and pricing of IPOs。Journal of Financial and Quantitative Analysis，31，25-42。  new window
31.Fabozzi, F.(1981)。Does listing on the AMEX increase the value of equity?。Financial Management，10(1)，43-50。  new window
32.Hanley, K. W.、Seguin, P. J.、Lee, C. M. C.(1996)。The marketing of closed-end fund IPOs: Evidence from transaction data。Journal of Financial Intermediation。  new window
33.Ng, C. K.、Smith, R. L.(1996)。Determinants of contract choice: The use of warrants to compensate underwriters of seasoned equity issues。Journal of Finance，51，363-380。  new window
34.Welch, I.(1996)。Equity offerings following EPO: Theory and evidence。Journal of Corporate Finance，2，27-259。  new window
35.林象山(19950700)。承銷商信譽對新上市股票之影響。中國財務學刊，3(1)，119-143。new window  延伸查詢new window
36.Ibbotson, Roger G.(1975)。Price performance of common stock new issues。Journal of Financial Economics，2(3)，235-272。  new window
37.Jain, Bharat A.、Kini, Omesh(1994)。The Post-Issue Operating Performance of IPO Firms。Journal of Finance，49(5)，1699-1726。  new window
38.Hansen, Robert S.、Torregrosa, Paul(1992)。Underwriter Compensation and Corporate Monitoring。Journal of Finance，47(4)，1537-1555。  new window
39.Welch, Ivo(1989)。Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings。Journal of Finance，44(2)，421-449。  new window
40.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。  new window
41.巫永森、許和鈞、楊岱哲(19950600)。訊號與新上市股票價格之研究。交大管理學報，15(1)，39-57。new window  延伸查詢new window
42.Fama, Eugene F.、French, Kenneth R.(1992)。The Cross-Section of Expected Stock Returns。The Journal of Finance，47(2)，427-465。  new window
43.Kumar, A. A.、Hanley, K. W.、Seguin, P. J.(1993)。Price Stabilization in the Market for New Issues。Journal of Financial Economics，34，177-197。  new window
44.陳秀亮、林純瓊、顏吉利(1989)。股票上市、中籤機率與超額報酬。證券市場發展季刊，創刊號。  延伸查詢new window
45.Hedge, S.、Miller, R.(1989)。Market-Making in Initial Public Offerings: An Empirical Analysis。Journal of Financial and Quantitative Analysis，24，75-90。  new window
46.Jain, B. A.(1994)。The Underpricing of Unit Initial Public Offerings。The Quarterly Review of Economics and Finance，34，309-325。  new window
47.Schultz, P.(1993)。Unit Initial Public Offerings: A Form of Staged Financing。Journal of Financial Economics，34(2)，199-229。  new window
48.Barry, Christopher B.、Muscarella, Chris J.、Vetsuypens, Michael R.(1991)。Underwriter Warrants, Underwriter Compensation, and the Costs of Going Public。Journal of Financial Economics，29，113-135。  new window
49.Aggarwal, R.、Rivoli, P.(1990)。Fads in the Public Offering Market?。Financial Management，19，45-57。  new window
會議論文
1.王元章(1994)。新上市股票折價、承銷商信譽及日後增資發行--台灣股市之實證研究。第三屆證券暨金融市場之理論與實務研討會。  延伸查詢new window
2.俞海琴、洪方筑(1994)。我國新上市公司會計師信譽、承銷商信譽與成交量關係之實證研究。第三屆證券暨金融市場之理論與實務研討會。  延伸查詢new window
研究報告
1.Cotter, J. F.、Chen, A.(1996)。Heads I win; tails you lose: The profitability of underwriting initial public offerings。University of Iowa。  new window
2.Carter, R.、Singh, A. K.、Dark, F. H.(1995)。Underwriter reputation, initial returns, and the long-run performance of IPO stocks。Iowa State University。  new window
3.Chen, A.、Cotter, J. F.(1996)。The role of underwrite reputation in the stabilization of initial public offerings。University of Iowa。  new window
4.Cotter, J. F.、Chen, A.(1996)。Price stabilization of seasoned equity offerings。University of Iowa。  new window
5.Lee, J.(1995)。Under pricing, asymmetric information and market making in the after market of initial public offerings: A transaction-level analysis in Nasdaq NMS IPOs。University of Iowa。  new window
6.Toeh, S. H.、Rao, G. R.、Wong, T. J.(1993)。Earning management and the long-term market performance of initial public offerings。UCLA。  new window
7.Partch, M.、Mikkelson, W. H.、Shah, K.(1995)。Going Public and Operating Performance。University of Oregon。  new window
學位論文
1.楊泓文(1987)。新上市股票報酬之研究(碩士論文)。國立交通大學。  延伸查詢new window
2.胡嘉玲(1992)。臺灣地區新上市股票報酬與申購新股中籤率之實證--選擇權計價模式之應用(碩士論文)。國立交通大學。  延伸查詢new window
3.陳秀亮(1987)。新上市股票價格行為探討(碩士論文)。國立中央大學。  延伸查詢new window
4.羅贊興(1990)。我國新上市公司股票短期報酬率之研究(碩士論文)。淡江大學。  延伸查詢new window
5.周士淵(1992)。我國新上市公司股票價格績效之研究(碩士論文)。淡江大學。  延伸查詢new window
6.王瑞儀(1990)。新上市股票異常報酬影響因素之檢定--台灣股票市場實證分析(碩士論文)。淡江大學。  延伸查詢new window
7.林博泰(1991)。股票新上市超額報酬持久性之研究(碩士論文)。國立臺灣大學。  延伸查詢new window
8.Chen, A.(1996)。The information acquisition of initial public offerings during the waiting period: The effect and the compensation of information(博士論文)。University of Iowa。  new window
9.卜慶銘(1990)。台灣新上市股票承銷價格制定與超額報酬率相關性之研究(碩士論文)。國立中興大學。  延伸查詢new window
圖書論文
1.顏吉利、劉恩棠(1994)。論新上市股票股東之報酬：短期現象乎？長期現象乎？。中國財務學會論文集。  延伸查詢new window
2.Ibbotson, R. G.、Ritter, J. R.(1995)。Initial Public Offerings。Handbooks of Operations Research and Management Science: Finance。Amsterdam：North-Holland。  new window
 
 
 
 
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