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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/69723


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    题名: The impact of investor base on the costs of capital for IPOs
    作者: 周行一
    Chen, Hung-Ling;Chow, Edward H.
    贡献者: 財管系
    关键词: Investor recognition;Shadow costs;Initial public offerings
    日期: 2011.07
    上传时间: 2014-09-10 15:42:33 (UTC+8)
    摘要: This study examines the Merton (1987) ‘investor recognition’ hypothesis, which postulates that an increase in the total number of investors with prior knowledge of a firm will lower the expected returns of investors by reducing the ‘shadow costs’ arising from the lack of knowledge of a particular security; this will invariably result in an increase in the market value of the firm`s shares. We analyze a unique dataset in this study, comprised of information on trading activities relating to 208 IPO firms obtained from the transaction record database of the Taiwan Stock Exchange. In contrast to prior studies, we employ the number of traders as a proxy for investors’ awareness of any given firm and find a discernible decline in the average daily abnormal returns in the second year after listing. Finally, the results confirm the association between investor recognition and the required rate of return.
    關聯: Journal of Multinational Financial Management, Vol.21, No.3, pp.177-190
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1016/j.mulfin.2011.02.003
    DOI: 10.1016/j.mulfin.2011.02.003
    显示于类别:[財務管理學系] 期刊論文

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