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短期偏低定價、長期績效不佳與心理偏誤：來自首次公開募股市場的證據 = I...

國立高雄大學金融管理學系碩士班

短期偏低定價、長期績效不佳與心理偏誤：來自首次公開募股市場的證據 = Initial Underpricing, Long-Term Underperformance, and Psychological Pitfalls: Evidence from the IPO Market

Record Type:	Language materials, printed : monographic
Paralel Title:	Initial Underpricing, Long-Term Underperformance, and Psychological Pitfalls: Evidence from the IPO Market
Author:	賀依凡,
Secondary Intellectual Responsibility:	國立高雄大學
Place of Publication:	[高雄市]
Published:	撰者;
Year of Publication:	2009[民98]
Description:	90面圖，表 : 30公分;
Subject:	心理偏誤
Subject:	Behavioral Finance
Online resource:	http://handle.ncl.edu.tw/11296/ndltd/14343788788334941021
Notes:	參考書目：面76-82
Notes:	指導教授：張志向
Summary:	本研究旨在探討心理偏誤如何影響首次公開發行股票(Initial Public Offerings; IPO)承銷價的定價決策與股市投資人對IPO承銷價的反應？相對於早期相關文獻，本研究除了檢驗早期傳統財務學與行為財務學對於IPO承銷價偏低定價的解釋外，我們也調查社會比較理論在解釋承銷價偏低定價的可行性。實證結果發現台灣IPO具有短期偏低定價(initial underpricing)與長期績效不佳 (long-term underperformance)的現象。此外，無論是傳統財務學的資訊不對稱理論或是行為財務的心理會計理論，其皆不能完全解釋為何IPO承銷價要偏低定價?相反地，我們不但發現社會比較理論解釋IPO承銷價偏低定價的強勢證據，而且還發現股市投資人對IPO承銷價的反應也存在著社會比較的情況。 The aim of this study is to examine how psychological pitfalls impact the decision making of IPO (Initial Public Offering) offer price, and how psychological pitfalls impact the investors’ reaction to IPO offer price. In contrast to previous studies, in addition to the investigation of explanation of traditional finance and behavioral finance for the IPO underpricing, we explore the usefulness of social comparison on the explanation of IPO underpricing. Our empirical findings support the argument of initial underpricing and long-term underperformance of the Taiwanese IPOs. Both information asymmetry arising from traditional finance and mental accounting arising from behavioral finance didn’t explain completely why underwriters (managers or original shareholders) underprice IPO offer prices. Finally, we not only found the strong evidence of social comparison explanation of IPO underpricing but also pointed out the existence of social comparison among investors’ reaction to IPO offer prices.

短期偏低定價、長期績效不佳與心理偏誤：來自首次公開募股市場的證據 = Initial Underpricing, Long-Term Underperformance, and Psychological Pitfalls: Evidence from the IPO Market
賀, 依凡

短期偏低定價、長期績效不佳與心理偏誤：來自首次公開募股市場的證據 = Initial Underpricing, Long-Term Underperformance, and Psychological Pitfalls: Evidence from the IPO Market / 賀依凡撰 - [高雄市] : 撰者, 2009[民98]. - 90面 ; 圖，表 ; 30公分.
參考書目：面76-82指導教授：張志向.
心理偏誤Behavioral Finance

短期偏低定價、長期績效不佳與心理偏誤：來自首次公開募股市場的證據 = Initial Underpricing, Long-Term Underperformance, and Psychological Pitfalls: Evidence from the IPO Market
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