On the Association between IPO Underpricing and Reversal and Taiwan’s Regulatory Reforms for Mandatory Forecasts

Chihlee Academic Institutional Repository > 商務管理學院 > 財務金融系(科) > 教師升等著作 > Item 310993300Q/1154

請使用永久網址來引用或連結此文件: http://chihleeir.lib.chihlee.edu.tw/handle/310993300Q/1154

題名:	On the Association between IPO Underpricing and Reversal and Taiwan’s Regulatory Reforms for Mandatory Forecasts
作者:	許宜中 YIR-JUNG EMILY SYU
貢獻者:	財務金融系
關鍵詞:	initial public offerings mandatory management forecasts voluntary forecasts pure underpricing subsequent reversal
日期:	2009-12-01
上傳時間:	2012-05-21 14:37:04 (UTC+8)
出版者:	John Wiley & Sons, Ltd
摘要:	The unique institutions in Taiwan may add to our understanding of the effect of initial public offering (IPO) fi rm disclosures. Consistent with the notion of market mispricing, most of Taiwan’s IPOs were with consecutive up-limit hits followed by substantial price reversals. In this study, we decompose IPO underpricing into two components: pure underpricing and subsequent reversal, exploring the impact of the 1991 mandate that IPO fi rms should include their management forecasts in the prospectuses on these two anomaly measures. Our results support the notion that disclosure regulations ameliorate investors’ mispricing the stocks. First, pure underpricing and reversal are signifi cantly less (more) pronounced for post-mandate (pre-mandate) IPO stocks. In contrast, consistent with the cheap talk hypothesis, the pre-mandate voluntary forecasters (non-forecasters) appear to be more (less) underpriced. Second, the duration of underpricing for the post-mandate (pre-mandate) IPOs appears to be shorter (longer). Nevertheless, underpricing lasted relatively longer (shorter) for the pre-mandate IPOs with (with no) voluntary disclosures. Copyright © 2009 John Wiley & Sons, Ltd.
關聯:	Journal of Forecasting / J. Forecast. 30, 225–248 (2011)
顯示於類別:	[財務金融系(科)] 教師升等著作

文件中的檔案:

檔案	描述	大小	格式	瀏覽次數
On the Association between IPOUnderpricing and Reversal and Taiwans Regulatory Reforms for Mandatory Forecasts許宜中.pdf		211Kb	Adobe PDF	2273	檢視/開啟

檢視Licence

在CHIHLEEIR中所有的資料項目都受到原著作權保護.

TAIR相關文章

資料載入中.....