頁籤選單縮合
題 名 | The Relationship between Price Performance and Operating Performance of IPO Firms |
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作 者 | 洪振虔; | 書刊名 | 國立屏東商業技術學院學報 |
卷 期 | 1 1999.06[民88.06] |
頁 次 | 頁141-155 |
分類號 | 563.54 |
關鍵詞 | IPOs; Operating performance; Price performance; Window dressing; Agency cost; |
語 文 | 英文(English) |
英文摘要 | This study is to investigate the relation between the operating performance and price performance of IPOs. From empirical results, we find that IPO firms earn positive returns both in the short run and in the long run. For the operating performance, consistent with Jain and Kini (1994), we find that IPO firms experience run-up in operating performance before issuance, while experiencing poor operating performance over three years following the offering. Farther, our results do not support either the hypothesis of window-dressing or agency cost for IPOs. Finally, we show that there is a positive relationship between the increase in operating performance and price performance in the aftermarket which is consistent with the signaling hypothesis. |
本系統中英文摘要資訊取自各篇刊載內容。