Fixed-price, auction, and bookbuilding IPOs: Empirical evidence in Taiwan

Hsin Yi Huang, Min-Hsien Chiang, Jia Hui Lin, Yun Lin

研究成果: Article

3 引文 斯高帕斯(Scopus)

摘要

This study investigates the effects of three initial public offering (IPO) methods-namely, fixed-price, auction, and bookbuilding, all of which have been brought into practice in Taiwan-on post-IPO performance and the trading behavior of institutional investors. Of these three methods, the empirical results show that bookbuilding IPOs exhibit significantly higher initial returns and institutional ownership of stock offerings, and that auction IPOs have higher long-run returns. The price effect of institutional herding and flipping behavior with respect to fixed-price IPOs significantly erode long-run IPO performance.

原文English
頁(從 - 到)11-19
頁數9
期刊Finance Research Letters
22
DOIs
出版狀態Published - 2017 八月 1

All Science Journal Classification (ASJC) codes

  • Finance

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