Do IPOs Matter for Price Limits? Evidence from Taiwan
學年 104
學期 1
出版（發表）日期 2015-11-01
作品名稱 Do IPOs Matter for Price Limits? Evidence from Taiwan
作品名稱（其他語言）
著者 Yensen Ni; Paoyu Huang
單位
出版者
著錄名稱、卷期、頁數 The Quarterly Review of Economics and Finance 58, p.74-83
摘要 Given that the price limit hit is prominently displayed on the screen of the Taiwan Stock Exchange (TWSE), we explore whether price limits occur in initial public offering (IPO) firms according to the assumption that the sentiments of investors tend to be aroused by firms issuing IPOs and the price limit hit. Results reveal that price limits often occur in IPO stocks. The above phenomena do not only occur during the IPO issuing year, but may also be extended to the following year. We infer that several IPO firms tend to manipulate share prices, especially for technology and high-underpricing IPO firms. The results of this study may be interpreted from the sentiments of investors via the viewpoint of behavioral finance.
關鍵字 Price limit;IPO;Investors' sentiments;Corporate governance;Board structure
語言 en
ISSN 1062-9769
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 是
國別 NLD
公開徵稿
出版型式 ,紙本
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