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題 名 | Why Have IPO Auctions Lost Market Share to Fixed-price Offers? Evidence from Taiwan=為何競價拍賣失去市場佔有率? |
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作 者 | 徐燕山; 洪崇文; 徐政義; | 書刊名 | 財務金融學刊 |
卷 期 | 17:3 2009.09[民98.09] |
頁 次 | 頁1-36 |
分類號 | 563.54 |
關鍵詞 | 首次公開發行; 價格低估; 公開申購; 混合型競價拍賣; IPOs; Under-pricing; Fixed-price offers; Hybrid auctions; |
語 文 | 英文(English) |
英文摘要 | This paper proposes three hypotheses based on stock market conditions to explain how Taiwanese issuers’choice over IPO auctions or fixed-price offers: the risk-averse issuer hypothesis, the pricing conflict hypothesis, and the demand inelasticity of stocks hypothesis. The risk-averse issuer hypothesis asserts that the relative risk level of auctions increases as the market becomes more volatile, and so risk-averse issuers will avoid an auction. We find support for this hypothesis. The pricing conflict hypothesis posits that Taiwanese IPO auctions sometimes serve as a mechanism to resolve the pricing conflict between issuers and underwriters. We argue that a pricing conflict likely arises when the initial returns of recent IPOs have increased and/or the market returns have remained unchanged or have declined. We find some weak support for this hypothesis. The demand inelasticity of stocks hypothesis predicts that large IPOs are more likely to be floated with an IPO auction so as to reduce under-pricing pressure. We find strong support for this hypothesis. |
本系統中英文摘要資訊取自各篇刊載內容。