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政大機構典藏 > 商學院 > 會計學系 > 期刊論文 > Item 140.119/76779

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/76779

Title:	IPO anomalies and innovation capital
Authors:	Chin, Chen-Lung;Lee, P.;Kleinman, G.;Chen, P.-Y. 金成隆
Contributors:	會計系
Keywords:	Anomalies;Initial public offerings;Innovation capital;Patent;R&D;Signaling
Date:	2006-08
Issue Date:	2015-07-21 15:36:28 (UTC+8)
Abstract:	Innovation capital are typically expensed and/or unrecognized as assets under current generally accepted accounting principles. This results in accounting-related information asymmetry. This paper examines the association of innovation capital (as measured here by the proxies of R&D expenditures and granted patents) and initial public offerings (IPO) anomalies. These anomalies include initial IPO underpricing, duration of honeymoon (a distinct feature of the Taiwanese IPO environment), and long-term performance. The theoretical model underlying this research is a signaling model. The results indicate that more innovative firms are more likely to be underpriced, and have longer honeymoon periods than less innovative firms. Further, the more innovative firms have positive and growing long-term market-adjusted returns. This stands in contrast to the declining long-term stock performance of initial public offering firms that is evidenced in the literature. We conclude that pre-IPO research and development expenditures disclosed in the IPO prospectus, official monthly reports of newly developed patents released to the public, and the frequency of patent citations significantly signal both underpricing and future market performance of IPO firms in Taiwan. © Springer Science+Business Media, LLC 2006.
Relation:	Review of Quantitative Finance and Accounting, 27(1), 67-91
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1007/s11156-006-8543-7
DOI:	10.1007/s11156-006-8543-7
Appears in Collections:	[會計學系] 期刊論文

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