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    Title: 興櫃市場與初次上市(櫃)股票異常報酬關聯性研究
    Authors: 曾啟汶
    Contributors: 呂桔誠
    江永裕

    曾啟汶
    Keywords: 異常報酬
    興櫃市場
    Date: 2011
    Issue Date: 2012-04-12 14:00:06 (UTC+8)
    Abstract: 本研究實證結果發現:(1)興櫃股票提出上市(櫃)申請及證交所(或櫃買中心)上市(櫃)審核通過,對平均每日異常報酬無顯著影響,但對平均每日週轉率有顯著影響。(2)承銷價訂價有明顯低估,持有初上市(櫃)股票二年後累積異常報酬,仍然存在。(3)承銷價折價率高的股票,在興櫃市場有較顯著的異常報酬及週轉率。
    "第壹章 緒論 1
    第一節 研究背景 1
    第二節 研究動機與目的 3
    第三節 研究流程與架構 4
    第貳章 文獻探討 5
    第一節 興櫃市場現況 5
    第二節 承銷價訂價變革 10
    第三節IPO異常報酬文獻探討 13
    參章 研究方法 19
    第一節 資料來源及樣本收集 19
    第二節 研究議題 21
    第三節 實證模型與變數定義研究方法 23
    第肆章 實證結果 30
    議題一特定事件對興櫃市場的影響 32
    議題二初次上市(櫃)股票承銷價是否低估 36
    議題三承銷價折價率與異常報酬及週轉率的相關性 38
    第伍章 結論 45

    參考文獻 47
    附錄一 樣本公司 50
    Reference: 中文部分
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    外文部分
    [7]Allen, F., and G, H. Fauhaber, 1989, Signaling by
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    [10]Block, S. and Stanley,M., 1980, “The Financial
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    Financial Management. 10, 213-227.
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    listing puzzle:evidence from Tokyo Stock Exchange
    listings,”Pacific-Basin Finance Journal, 1, 111-126.
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    aftermarket Performance of initial public offerings in
    Korea,”Pacific-Basin Finance Journal, 3, 429-448.
    [16]Neuberger, B. M., and C. T. Hmmond, 1974, “A study of
    underwriters’ experience with unseasoned new issues,”,
    Journal of Financial and Quantitative Analysis, 165-177.
    [17]Rock, K., 1986, “Why new issues are underpriced,”
    Journal of Financial, 55, 361-389.
    [18]Thaler, Richard H.,1985, "Mental Accounting and
    Consumer Choice." Marketing Science, 4, 1999-214.
    [19]Tinic, S. M.(1988), “Anatomy of Initial Public of
    Common Stock,” The Journal of Finance, 43, 789-822.
    [20]Van Horne(1970), J. C., New listings and their price
    behavior, Journal of Finance, 25, 783-794.
    Description: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    96932205
    100
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0096932205
    Data Type: thesis
    Appears in Collections:[經營管理碩士學程EMBA] 學位論文

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