The Valuation Effect of IPO on Rival Stocks
Date Issued
2011
Date
2011
Author(s)
Yang, Sun-Wan
Abstract
This thesis attempts to examine the valuation effect on industrial rival stocks of IPOs. The sample is composed by listed stocks in Taiwan Stock Exchange, rivals of IPOs in 2000 to 2010. The event study is used to examine exist of cumulated abnormal returns (CAR). And we attempt to analysis the way rivals be affected by contagion effect and competitive effect.We find that rival stocks suffer negative return significantly. The average CARs of rivals are -0.17% and -0.19% in filing date and listing date in respect. However, rivals perform positive returns significantly when IPO in weak stock condition.
To know how industry nature affecting the rivals of IPOs, we collect data of high-tech and finance in 1990 to 2000. The IPOs of high-tech industry make rivals return loss significantly. But the relation between IPOs and rivals returns is not significant in finance. It is attributed to the government intervention enhancing the competitive effect of finance. The offsetting of competitive and contagion effect turns out insignificant result.
Subjects
首次公開發行
同業
股價
競爭效果
蔓延效果
Type
thesis
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