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Market Conditions and Abnormal Returns of IPO-An Empirical Study of Taiwan's High-Tech Companies

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  • Ming-Yuan Leon Li
  • Her-Jiun Sheu
  • Lin Lin
  • Yu-Chi Tang

Abstract

Four new determinants of initial/long-run IPO (initial public offering) returns from the perspectives of market conditions are proposed in this paper. The associated effects are examined by using the samples of Taiwan's high-tech IPO companies. Our empirical findings are consistent with the following notions. First, the four new determinants proposed perform remarkable effects on the IPO returns. Second, the length for IPO and IPO clustering phenomena has notable impacts on the long-run returns of IPO. In contrast, the performances of public stock markets show significant effects on the initial returns of IPO.

Suggested Citation

  • Ming-Yuan Leon Li & Her-Jiun Sheu & Lin Lin & Yu-Chi Tang, 2007. "Market Conditions and Abnormal Returns of IPO-An Empirical Study of Taiwan's High-Tech Companies," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 5(1), pages 51-64.
  • Handle: RePEc:taf:jocebs:v:5:y:2007:i:1:p:51-64
    DOI: 10.1080/14765280601109329
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    Keywords

    JEL C LASSIFICATION : G11; G12; G15;

    JEL classification:

    • C - Mathematical and Quantitative Methods
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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