| Does IPO subscription demand affect investor herd behavior in Taiwan? | |
|---|---|
| 學年 | 106 |
| 學期 | 1 |
| 出版（發表）日期 | 2017-09-25 |
| 作品名稱 | Does IPO subscription demand affect investor herd behavior in Taiwan? |
| 作品名稱（其他語言） | |
| 著者 | Chao-Shi Wang; Hui-Wen Tang; Roger C.Y. Chen |
| 單位 | |
| 出版者 | |
| 著錄名稱、卷期、頁數 | International Review of Economics & Finance 51, p.258–272 |
| 摘要 | Taiwan's initial public offerings (IPOs) are primarily fixed-price methods, public subscription issues that only allow individual investors to participate. The Taiwan Stock Exchange discloses subscription demand information, after which individual investors request the highest subscription rate shares; this can lead to herding. The empirical results of this study showed that investors exhibit increased attraction toward IPOs with extremely high subscription demand. After identifying sample issues with herd features, herd behavior in Taiwan's IPO market was found to be consistent with the “winner's curse” theory. Additionally, investors overreacted to subscription demand in the short run, which leads to negative long-term returns. |
| 關鍵字 | Herd behavior;Information cascades;Initial public offerings overreaction;Winner's curse |
| 語言 | en |
| ISSN | 1059-0560 |
| 期刊性質 | 國外 |
| 收錄於 | SSCI |
| 產學合作 | |
| 通訊作者 | Hui-Wen Tang |
| 審稿制度 | 是 |
| 國別 | NLD |
| 公開徵稿 | |
| 出版型式 | ,電子版,紙本 |
| 相關連結 |
機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/110458 ) |
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