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題名:新上市股票開放信用交易對價格波動性與成交量之影響
書刊名:商管科技季刊
作者:許溪南詹司如林靖中 引用關係謝東瀛
作者(外文):Hsu, HsinanChan, Shih-juLin, Ching-chungHsieh, Tung-ying
出版日期:2006
卷期:7:3
頁次:頁531-549
主題關鍵詞:新上市股票信用交易成交量波動性IPOMargin tradesTrading volumeVolatility
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(5) 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:5
  • 共同引用共同引用:11
  • 點閱點閱:72
  不同於過去文獻探討融資融券成數改變對股價行為的影響,本文分析新上市股票開放信用交易後(融資融券成數由無到有)的價格波動性與交易量改變情形,如此可了解信用交易機制對個股所造成的影響。本文的實證結果顯示:開放信用交易後整體新上市股票波動性並沒有顯著改變'研究期間愈長成交量增加的現象愈明顯,此結論可提供證券主管當局決定新上市股票開始信用交易期限的一項參考依據。
  Most past studies investigate the impacts of margin requirement changes on the volatility of stock prices. This article is to explore the impacts of opening margin trades on the price volatility and trading volume of IPO stocks. By comparing the volatility and volume of IPO stocks during the pre- and post-margin periods, we are able to analyze the impacts of margin policy on the price behavior and performance. The empirical results show that there is no significant change in the volatility of IPO stocks, while the trading volumes increase significantly. Our finding provides an evidence for the authority to decide the time limitation for IPO stocks to be qualified for margin trades.
期刊論文
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14.Ritter, Jay R.、Welch, Ivo(2002)。A Review of IPO Activity, Pricing, and Allocations。The Journal of Finance,57(4),1795-1828。  new window
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