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    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/4137


    Title: 公開訊息與IPO市場的Cascades:以臺灣為例
    Authors: 徐燕山
    Keywords: 公開資訊;串連;新股票上市;台灣
    Public information;Cascade;Initial public offering (IPO);Taiwan
    Date: 2003
    Issue Date: 2007-04-18 16:41:48 (UTC+8)
    Publisher: 臺北市:國立政治大學財務管理學系
    Abstract: This paper examines information cascades in Taiwanese IPOs. We find that public information is the primary driver of a positive cascade. The evidence suggests that investors condition their demand for shares on public information, and issuers might also condition their going-public decisions on market conditions. Although private information affects IPO underpricing, the effect of public information on underpricing is even stronger, indicating that asymmetric information is not the primary driver of IPO underpricing. Rather, underpricing is attributable more to public than to private signals. Finally, we show that herding is more likely to occur in fixed-price offerings than in IPO auctions.
    Description: 核定金額:111200元
    Data Type: report
    Appears in Collections:[財務管理學系] 國科會研究計畫

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