An Empirical Examination of IPO Underpricing Between High-technology and Non-high-technology Firms in Taiwan
Material type:
TextDescription: 23-51 pSubject(s):
In:
GANGOPADHYAY, SHUBHASIS JOURNAL OF EMERGING MARKET FINANCESummary: This study investigates the determinants of initial public offering (IPO) underpricing by focusing on variables relating to information asymmetry, investor sentiment and corporate governance and examines whether the determinants of IPO underpricing in high-technology and non-high-technology IPOs differ. With data from Taiwan for 2009–2011, this study finds that overallotment is negatively related to underpricing, whereas market momentum, first-day trading volume and managers’ ownership retention rates are positively related to underpricing, particularly for high-technology IPOs. Our results support the signalling hypothesis in high-technology IPOs.
| Item type | Current library | Call number | Vol info | Status | Notes | Date due | Barcode | Item holds | |
|---|---|---|---|---|---|---|---|---|---|
Journal Article
|
Main Library | Vol 18, No 1/ 55510428JA2 (Browse shelf(Opens below)) | Available | 55510428JA2 | |||||
Journals and Periodicals
|
Main Library On Display | JOURNAL/FIN/Vol 18, No 1/55510428 (Browse shelf(Opens below)) | Vol 18, No 1 (01/05/2019) | Not for loan | April, 2019 | 55510428 |
This study investigates the determinants of initial public offering (IPO) underpricing by focusing on variables relating to information asymmetry, investor sentiment and corporate governance and examines whether the determinants of IPO underpricing in high-technology and non-high-technology IPOs differ. With data from Taiwan for 2009–2011, this study finds that overallotment is negatively related to underpricing, whereas market momentum, first-day trading volume and managers’ ownership retention rates are positively related to underpricing, particularly for high-technology IPOs. Our results support the signalling hypothesis in high-technology IPOs.
There are no comments on this title.