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    政大典藏 > College of Commerce > Department of Finance > Theses >  Item 140.119/115726


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/115726


    Title: 初步公開說明書Form S-11資訊對REIT IPO之初期及後續表現的影響
    Can REIT IPO investors know ahead of time? An empirical study of Form S-11 information on post-IPO performance of REITs
    Authors: 潘慶儀
    Pun, Heng I
    Contributors: 陳明吉
    Chen, Ming Chi
    潘慶儀
    Pun, Heng I
    Keywords: 初次公開發行
    房地產投資信託基金
    IPO折價
    長期表現
    管理團隊品質
    承銷商聲譽
    管理結構
    閉鎖期
    IPO
    REIT
    Underpricing
    Long-run performance
    Management quality
    Underwriter reputation
    Management structure
    Lock-up period
    Date: 2018
    Issue Date: 2018-02-02 10:54:31 (UTC+8)
    Abstract: 利用1995-2015年間美國房地產投資信託基金（REIT）的176個初次公開發行為樣本，本研究分析了初步公開說明書（Form S-11）資訊與REITs上市後之當天，短期和長期表現之間的關係。其中，本文著重於探討四個特別領域的相關資訊，包括管理結構，承銷商聲譽，IPO閉鎖期及管理團隊品質。
    實證結果顯示，初步公開說明書（Form S-11）包含有價值的資訊，有助於REIT IPO 投資人作投資評估之使用。其中，IPO閉鎖期大於等於產業標準180天的REITs，其在上市後6個月和12個月期間的報酬率高於IPO閉鎖期小於180天的REITs。此外，與過去的IPO研究結果相似，由知名承銷商所銷售之REIT IPOs 在初次公開發行後的短期及長期表現平均優於由知名度較低之承銷商所銷售的REIT IPOs。
    然而，儘管過去與REIT相關的研究普遍偏好內部管理，本研究之實證結果支持外部管理的模式。其中，實證結果顯示外部管理的REITs在初次公開發行後的短期及長期表現平均優於內部管理的REITs。
    Using a sample of 176 US REIT IPOs from 1995 to 2015, this study examines the relationship between information provided on the preliminary IPO prospectus (form S-11) and post-IPO initial, short-term and long-term performance of REITs. In particular, this paper focuses on information related to four specific areas: management structure, underwriter reputation, lock-up period, and management quality.
    The findings of this study suggest that form S-11 carries valuable information, and is useful to investors in evaluating REIT IPOs. The regression results indicate that REIT IPOs with a lock-up period that is at least as long as the industry standard, on average, earn higher post-IPO returns 6-month and 12-month following the IPO date. Moreover, consistent with prior IPO studies, offerings underwritten by prestigious underwriters, on average, yield better post-IPO performance than IPOs underwritten by less reputable underwriters. Yet, unlike prior REIT studies, the findings of this paper tend to favor the external management structure. The results from the sub-sample imply externally managed REITs, on average, earn higher post-IPO short-term and long-term returns than their internally managed counterpart.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    105357033
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0105357033
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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