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On IPO Market Anomalies through the Emerging Stock Market in Taiwan

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Author Info

  • Yi-Shuan Chen

    (Ph.D. Program in Business, Feng Chia University, Taiwan and Department of Banking and Insurance, National Taichung Institute of Technology, Taiwan)

  • Shin-Herng Michelle Chu

    (Department of Finance, Feng Chia University, Taiwan)

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    Abstract

    This study investigates the long-term performance of initial public offering (IPO) firms in Taiwan since it established a pre-IPO market, the Emerging Stock Market (ESM), starting in 2002. The analytical results indicate that IPO firms in Taiwan suffer long-term post-issue deterioration in operating performance, and the difference in deterioration between ESM and direct listing firms is more significant for the Taiwan Stock Exchange than for the Gre Tai Securities Market. This phenomenon can be explained by the overly-optimistic-market-expectations and the window-of-opportunity hypotheses; however, managerial ownership control variables are not statistically significant.

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    Bibliographic Info

    Article provided by College of Business, and College of Finance, Feng Chia University, Taichung, Taiwan in its journal International Journal of Business and Economics.

    Volume (Year): 9 (2010)
    Issue (Month): 1 (April)
    Pages: 57-76

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    Handle: RePEc:ijb:journl:v:9:y:2010:i:1:p:57-76

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    Related research

    Keywords: initial public offering; operating performance; emerging stock market;

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    References

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    1. Benveniste, Lawrence M. & Spindt, Paul A., 1989. "How investment bankers determine the offer price and allocation of new issues," Journal of Financial Economics, Elsevier, vol. 24(2), pages 343-361.
    2. Chan, Kalok & Wang, Junbo & Wei, K. C. John, 2004. "Underpricing and long-term performance of IPOs in China," Journal of Corporate Finance, Elsevier, vol. 10(3), pages 409-430, June.
    3. Kutsuna, Kenji & Okamura, Hideo & Cowling, Marc, 2002. "Ownership structure pre- and post-IPOs and the operating performance of JASDAQ companies," Pacific-Basin Finance Journal, Elsevier, vol. 10(2), pages 163-181, April.
    4. Loughran, Tim & Ritter, Jay R, 1997. " The Operating Performance of Firms Conducting Seasoned Equity Offerings," Journal of Finance, American Finance Association, vol. 52(5), pages 1823-50, December.
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