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題 名 | 考量高低績效水準下美國IPO長期績效因素影響情形之探討=The Study of Impact Factors for U.S. IPO Long-term Performance by Thinking Difference Performance Level |
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作 者 | 李建興; | 書刊名 | 人文與社會學報 |
卷 期 | 2:4 2009.06[民98.06] |
頁 次 | 頁111-139 |
分類號 | 563.54 |
關鍵詞 | 股票初次上市; IPO長期績效; 分量迴歸分析; 機會之窗; 強者恆強; IPO; Long-term performance; Quantile regression method; The window of opportunity; The stronger always the winner; |
語 文 | 中文(Chinese) |
中文摘要 | 本文探討美國IPO長期績效的影響因素影響情形。由於不同績效水準之「公司股票特性」與「處分方式」有所差異,可能導致高與低IPO之長期績效,其影響因素的影響形態可能有所差異,本文引入分量迴歸分析法來加以探討。 主要發現如下:首先,高低分量之實證結果,確實有許多重要差異,這表示區分高低長期績效來探討本研究主題,有其必要性。其次,同時發行境外股份的公司,其長期績效較佳;在網路泡沫期間上市的公司,由於上市股價過度高估而使得長期績效較差。 |
英文摘要 | This study investigates the impact factors of US's IPO long-term performance. To investigate the differences in the impact effects between high and low long-term performances, we perform the quantile regression method (QR). Our main findings are as follows: First of all, Our research indicates that QR identifies multiple relationships between the long-term performance and impact factors. Global IPOs are larger and enjoy higher operation performance, and those characteristics help global IPOs to have superior long-term performance. Secondly, the overpricing of stocks relative to actual value during the Internet bubble period undermined long-term performance. |
本系統中英文摘要資訊取自各篇刊載內容。