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題名 | The Performance of Initial Public Offerings Conditioning on Issue Information: The Case of Taiwan= |
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作者 | Chen,Anlin; Chen,Roger C. Y.; Pan,Kuei-ling; |
期刊 | Asia Pacific Management Review |
出版日期 | 20020600 |
卷期 | 7:2 2002.06[民91.06] |
頁次 | 頁167-189 |
分類號 | 563.54 |
語文 | eng |
關鍵詞 | 新上市股票; Initial public offerings; Long-run performance; Fama-French model; Underpricing; Jensen's alpha; |
英文摘要 | This study employs the Fama-French three-factor model as well as Jensen’s alpha to measure the long-run performance of IPOs in Taiwan. Our results show that the long-run performance of IPOs based on market adjusted returns or returns adjusted by market model is poor. However, the long-run performance based on Fama-French three-factor model is similar to the normal return pattern of an ordinary asset. Therefore, we conclude that the underperformance of IPOs in Taiwan is attributed to the mis-specification of the measurement model. Furthermore, we also show that the performance of IPOs in Taiwan is significantly driven by young and electronic offerings. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。