2014-08-012024-05-14https://scholars.lib.ntu.edu.tw/handle/123456789/660672摘要：儘管有文獻從理論上及實證上發現競價拍賣比較好，可是實務上卻是採取詢價圈購。 我們利用台灣的獨特數據，台灣的競價拍賣及詢價圈購資料來討論這一個學術上爭議的問題。我們向討論承銷商是否因為擁有較多的資訊而在不同的新股承銷方式中獲得了不同的利益。 (1) 承銷商上市前的持股多寡是否會影響新股上市的期初報酬? (2) 承銷商是否能藉由所擁有的資訊而在後市交易並獲利? (3) 承銷商是否對所承銷公司的盈餘較具預測能力? <br> Abstract: Despite empirical work demonstrating the advantages of auction IPOs over bookbuilding IPOs, countries around the world are switching to the bookbuilding method of bringing companies public. We conjecture that underwriters benefit substantially from bookbuilding, and that similar benefits are not obtained from auctions. Especially, we conjecture that underwriters enjoy unique information advantages in bookbuilding: Using a unique dataset of Taiwan IPOs, we want to investigate: (1) Underwriters’ holdings pre-IPO, and the relation with initial returns? (2) Can underwriters profit from private information through aftermarket trades? (3) Are lead underwriters in bookbuilding offerings able to predict earnings?新股上市承銷商資訊競價拍賣詢價圈購表IPOunderwritersinformationauctionsbookbuilding