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題 名 | 臺灣地區新上市公司資訊差異效果之研究=The Effect of Information Differentiation on Valuation of Taiwan's Initial Public Offerings |
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作 者 | 陳隆麒; 楊朝成; 邵靄如; | 書刊名 | 管理與系統 |
卷 期 | 8:4 2001.10[民90.10] |
頁 次 | 頁371-386 |
分類號 | 563.54 |
關鍵詞 | 資訊差異效果; 初次公開承銷股票; 貝氏理論; Differential information; Initial public offerings; Bayes' rules; |
語 文 | 中文(Chinese) |
中文摘要 | 本文以資訊差異效果模型,描述臺灣地區上市股票其股價縱斷面的變化。透過貝氏模型推導,發現當掛牌時間t趨近∞時,新發行證券間的資訊差異效果遞減,且β係數遞減,因而推論,對初次承銷股票(initial public offerings ; IPOs)而言,後市股價報酬率將低於估計風險相對較高的掛牌初期股價報酬其逆轉程度亦與初期資訊品質相關。另外,本文亦進行實證檢定。實證結果發現,集中市IPOs類屬資訊結構較佳者,其後市股價下修程度遠比資訊結構差者來得少。 |
英文摘要 | The objective of this study is twofold. First, the paper develops a model to examine dynamically the effects of differential information on various initial public offerings (IPOs). Second, this paper examines the initial return and the after-market performance for IPOs, particularly the security valuation effects of structural differences in available information. There is a diversity of information among issuing firms at the time of their offering and particularly under certain trading system and certain market conditions. Through Bayesian model development, we support the effect of differential information among IPOSs of structural differences. |
本系統中英文摘要資訊取自各篇刊載內容。