Performance Comparison between backdoor-listed Firms: Evidence from Taiwan
Date Issued
2014
Date
2014
Author(s)
Tseng, Tzu-Chi
Abstract
This research compares the performance of backdoor-listed firms in Taiwan with similar-sized IPO listing firms in the same industry. The objective is to figure out whether backdoor-listing is bad.
The writer collected 63 backdoor-listed samples in Taiwan from 1995 to 2013. 41 of them are construction companies. The other 22 companies were in electronic industry, furniture industry, retail industry, food industry, solar power industry or aquaculture industry.
The financial performance of the backdoor-listed firms in the first year was worse than industry peers. However, there was no significant difference between them in the following years. Moreover, in some subsample the backdoor-listed firms outperformed industry peers in some period. This result contradicts the conventional wisdom that backdoor-listed firms are bad quality companies.
Investors should know that the stock price of backdoor-listed firms is more volatile than the price of their industry peers.
The market value of the shell company and whether the backdoor-listed firm completes the merger won’t affect the performance of backdoor-listed firm.
Subjects
借殼上市
財務績效
台灣
Type
thesis
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