新股初次上市後長期表現與盈餘操控和承銷商信譽之分析
Other Title
The Long-Run Underperformance of IPOs, Earnings Management and
Underwriter Reputation
Underwriter Reputation
Date Issued
2002
Date
2002
Author(s)
湛可南
DOI
902416H002025
Abstract
Recent studies have documented that various factors such as discretionary accounting
accruals, underwriter reputation, venture capital backing, and firm size will affect the
long-run performance of IPOs. However, it is not clear whether the return predictability of
these attributes are the manifestation of one phenomenon, or independent results. We do the
univariate and multivariate analyses on these factors to trace the sources of return
predictability. We find that these previous identified effects are not the same phenomenon,
though correlated to some extent. The results show that a confluence of these determinants is
more important than any individual factor in explaining the IPO long-run performance. We
also identify a subset of IPOs that outperform their benchmark. To our knowledge, this is the first study to find such result.
Publisher
臺北市：國立臺灣大學財務金融學系暨研究所
Type
report
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