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    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/78259
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/78259


    Title: The impact of financial forecasts regulation on IPO anomalies: Evidence from Taiwan
    Authors: Wang, Ya-Fang;Lee, Picheng;Chin, Chen-Lung;Kleinman, Gary
    王雅芳;金成隆
    Contributors: 會計系
    Keywords: financial forecasts;IPO anomalies;mandatory;regulation
    Date: 2005-05
    Issue Date: 2015-09-03 16:34:25 (UTC+8)
    Abstract: This study examines whether a regulation on mandatory disclosure of financial forecasts since June 1991 and further sanction imposition since March 1998 contribute to lower IPO firms' initial and aftermarket returns, and shorten honeymoon periods. The study is based on 423 IPO firms after the regulation required them to disclose their forecasts and 53 IPO firms prior to the regulation. The findings report that initial and aftermarket returns are lower, and honeymoon periods are shorter in the post-regulation period than those in the pre-regulation. The findings also report that initial and aftermarket returns are relatively smaller, and the honeymoon periods are shorter after the March 1998 regulatory sanction was imposed after controlling other variables. These results document that the financial forecasts disclosure regulation evidently contributes to mitigating information asymmetry.
    Relation: Journal of Financial Regulation & Compliance, 13(2), 146-166
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1108/13581980510621929
    DOI: 10.1108/13581980510621929
    Appears in Collections:[會計學系] 期刊論文

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