English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113648/144635 (79%)
Visitors : 51616063      Online Users : 507
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/4148


    Title: 強制集保對股價的影響－以台灣為例
    Other Titles: An Examination on the Effects of IPO Lock-Up Period---The Case of Taiwan
    Authors: 徐燕山
    Keywords: 新股公開上市;強制集保;創業投資基金
    Initial public offerings;Lockups;Venture capital
    Date: 2001
    Issue Date: 2007-04-18 16:41:53 (UTC+8)
    Publisher: 臺北市：國立政治大學財務管理學系
    Abstract: 本研究探討臺灣新股公開上市 (Initial public offerings; IPOs)後，股票強制集保(Lockups)期間 結束後的股價行為。由於實務上內部人在集保期 結束後七天才可以開始出售持股，我們分別檢視 強制集保期結束前一日至後一日之超額報酬，與 強制集保期結束後七日至九日之超額報酬，發現 兩者都是負報酬，後者顯著地異於零。此外，我 們也發現，在集保期結束時的期間，股票的成交 量有顯著地增加。這些實證結果都與近期之文獻 一致，顯示市場缺乏足夠的效率性。最後，實證 結果顯示，集保股票愈多、有創投基金的 IPOs， 在強制集保期結束後的股價下跌幅度較大。
    This research examines the stock behaviors around lockup expirations on Taiwanese IPOs. According to the rules of lockup practice, insiders can sell lockup shares beginning the 7th day from the lockup expiration. Therefore, we investigate the abnormal returns not only around the period of lockup expiration, but also around the period of insiders probably first selling their lockup shares. Empirical evidence shows that the abnormal return in both periods is negative, and the latter one is significantly different from zero. Furthermore, we find that the trading volume increases dramatically around the lockup expiration. These results are consistent with the findings of the previous literature, which are against the efficient market hypothesis. Finally, IPOs with a larger fraction of lockup shares and with VC investors experience a larger negative return.
    Description: 核定金額：402800元
    Data Type: report
    Appears in Collections:[財務管理學系] 國科會研究計畫

    Files in This Item:

    File Description SizeFormat
    902416H004009.pdf162KbAdobe PDF21761View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback