國立高雄大學圖資館 |

語系: 繁體中文

說明(常見問題)

圖資館首頁

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

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

紀錄類型:	書目-語言資料,印刷品 : 單行本
並列題名:	Initial Underpricing, Long-Term Underperformance, and Psychological Pitfalls: Evidence from the IPO Market
作者:	賀依凡,
其他團體作者:	國立高雄大學
出版地:	[高雄市]
出版者:	撰者;
出版年:	2009[民98]
面頁冊數:	90面圖，表 : 30公分;
標題:	心理偏誤
標題:	Behavioral Finance
電子資源:	http://handle.ncl.edu.tw/11296/ndltd/14343788788334941021
附註:	參考書目：面76-82
附註:	指導教授：張志向
摘要註:	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
LDR:03083nam0a2200277 450 001 220347
005 20170214095756.0
009 220347
010 0 $b 平裝
010 0 $b 精裝
100 $a 20170214y2009 k y0chiy09 ea
101 1 $a chi $d chi $d eng
102 $a tw
105 $a ak am 000yy
200 1 $a 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 $d Initial Underpricing, Long-Term Underperformance, and Psychological Pitfalls: Evidence from the IPO Market $z eng $f 賀依凡撰
210 $a [高雄市] $c 撰者 $d 2009[民98]
215 0 $a 90面 $c 圖，表 $d 30公分
300 $a 參考書目：面76-82
300 $a 指導教授：張志向
328 $a 碩士論文--國立高雄大學金融管理學系碩士班
330 $a 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.
510 1 $a Initial Underpricing, Long-Term Underperformance, and Psychological Pitfalls: Evidence from the IPO Market
610 0 $a 心理偏誤 $a 社會比較 $a 行為財務學 $a 首次公開發行股票
610 1 $a Behavioral Finance $a IPO $a Psychological Pitfalls $a Social Comparison
681 $a 008M/0019 $b 343408 4627 $v 2007年版
700 1 $a 賀 $b 依凡 $4 撰 $3 354015
712 0 2 $a 國立高雄大學 $b 金融管理學系碩士班 $3 354008
801 0 $a tw $b NUK $c 20091020 $g CCR
856 7 $2 http $u http://handle.ncl.edu.tw/11296/ndltd/14343788788334941021