The following information was submitted:
Transactions: WSEAS TRANSACTIONS ON INFORMATION SCIENCE AND APPLICATIONS
Transactions ID Number: 31-344
Full Name: Jao-Hong Cheng
Position: Associate Professor
Age: ON
Sex: Male
Address: 123 University Road, Section 3, Douliou, Yunlin
Country: TAIWAN
Tel: +886-05-5342601#5324
Tel prefix:
Fax:
E-mail address: jhcheng@yuntech.edu.tw
Other E-mails: g9623802@yuntech.edu.tw
Title of the Paper: Information Spillover Effects of IPOs using 2SLS
Authors as they appear in the Paper: Jao-Hong Cheng, Huei-Ping Chen
Email addresses of all the authors: jhcheng@yuntech.edu.tw, g9623802@yuntech.edu.tw
Number of paper pages: 14
Abstract: There are several Initial Public Offerings (IPOs) regulatory changes implemented in Taiwan stock markets since 2005. One of those new mechanisms is to release the stock IPOs pricing rules to underwriters. The underwriters and listed companies have been growing up rapidly in recent years, and the whole offer size has become full-scaled. However, foreign scholars found that pioneer companies have many uncertainties in IPOs due to there isn¡¦t any information about offer price and proceeds to refer. When companies want to decide the appropriate offer price and proceeds, they have to spend a lot of time and money on information gathering. If there existed information spillover, and the information would be acquired from the other companies which had finished IPOs. Therefore, we try to research whether there existed information spillover in Taiwan IPOs market using 2SLS and Probit to analyze. By empirical results, there exist positive information spillover in offer pri!
ce and listing price revision. For underwriters, underwriter rank is based on underwriter reputation, and the underwriters which have better rank usually couldn¡¦t get the high initial return.
Keywords: Initial Public Offerings (IPOs), information spillover, underwriting reputation, Two-Stage Least Squares (2SLS)
EXTENSION of the file: .doc
Special (Invited) Session:
Organizer of the Session:
How Did you learn about congress:
IP ADDRESS: 140.125.86.2
