政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99328

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/99328

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/99328

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/99328

Title:	首次公開發行公司短期及長期績效之探討 The Short-Run and Long-Run Performance of Initial Public Offerings
Authors:	陳姵彣 Chen, Pei Wen
Contributors:	陳鴻毅 Chen, Hong Yi 陳姵彣 Chen, Pei Wen
Keywords:	初次公開發行公司長期短期績效 IPO long-run short-run performance
Date:	2016
Issue Date:	2016-07-20 17:12:37 (UTC+8)
Abstract:	本研究主要探討初次公開發行公司短期與長期之績效。利用1980年至2015年美國初次公開發行公司為樣本，本研究發現初次公開發行之公司其上市後三年之股價較市場整體表現來得差。經三因子模型及五因子模型之風險調整後，初次公開發行之公司之超額報酬仍為負值。此外，初次公開發行之公司其上市後三年之營運表現也較上市之前更為衰退。本研究進一步依據公司於首次公開發行後之短期績效分成四組，發現短期擁有較高的累積市場調整報酬之公司其長期之股價及營運績效也會較好。結果顯示市場能於公司首次公開發行時能夠有效率地分辨好公司與壞公司。 The main purpose of this study is to investigate the short-run and long-run performance for initial public offering (IPO) firms. Using U.S. firms which conducted IPO during the period from 1980 to 2015, this study finds that IPO firms exhibit relatively poor price performance for three years. The poor performance still holds after adjusted by Fama-French three factor model and Fama-French five factor model. This study further separates IPO firms into four groups, and finds that the group with higher cumulative adjusted return in the short-run will have higher price performance and operating performance in the long-run. This implies that the market can efficiently separate good IPO firms from bad IPO firms.
Reference:	Allen, F. and G. R. Faulhaber, 1989, Signalling by underpricing in the IPO market, Journal of Financial Economics 23, 303-323 Asquith, P. and D. W. Mullins Jr., 1986, Equity issues and offering dilution, Journal of financial economics 15, 61-89 Carter R. B., F. H. Dark, and A. K. Singh, 1998, Underwriter reputation, initial returns, and the long-run performance of IPO stocks, Journal of Finance 53, 285–311 Chan, K., Junbo Wang, and K.C. John Wei, 2004, Underpricing and long-term performance of IPOs in China, Journal of Corporate Finance 10, 409– 430 Fama, E. F., and K. R. French, 2015, A five-factor asset pricing model, Journal of Financial Economics 116, 1–22 French, K. R. Data Library. Available at: http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html.Accessed 20 April 2016. Gompers P. A., and J. Lerner, 2003, The really long-run performance of initial public offerings: the pre-Nasdaq evidence, Journal of Finance 58, 1355-1392 Grinblatt, M. and C. Y. Hwang, 1989, Signaling and the pricing of new issues, Journal of Finance 44, 393–420 Jain B. A., and O. Kini, 1994, The post-issue operating performance of IPO firms,Journal of Finance 49, 1699–1726 Loughran T., and J. R. Ritter, 1995, The new issues puzzle, Journal of Finance 50,23–51 Loughran T., and J. R. Ritter, 2002, Why has IPO underpricing changed over time?Financial Management 33, No. 3 Lowry M., M. S. Officer, G. W. Schwert, The variability of IPO initial returns, Journal of Finance 65, 425–465 Myers, S. C., and N. S. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13, 187-221 Ritter, J. R., 1991, The long-run performance of initial public offerings, Journal of Finance 46, 3–27 Stoll, H. R., and A. J. Curley, 1970, Small business and the new issues market for equities, Journal of Financial and Quantitative Analysis 5, 309-322 Welch, I., 1996, Equity offerings following the IPO theory and evidence, Journal of Corporate Finance 2, 227-259
Description:	碩士國立政治大學財務管理研究所 103357028
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0103357028
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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