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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 姜堯民 | |
| dc.contributor.author | Kuan-Yin Liu | en |
| dc.contributor.author | 劉冠吟 | zh_TW |
| dc.date.accessioned | 2021-06-08T01:59:43Z | - |
| dc.date.copyright | 2016-07-04 | |
| dc.date.issued | 2016 | |
| dc.date.submitted | 2016-06-21 | |
| dc.identifier.citation | [1] Abdou, K., Dicle, M. F. (2007). Do risk factors matter in the IPO valuation? Journal of Financial Regulation and Compliance 15(1), 63-89
[2] Arnold, T., Fishe, R. P. H., & North, D. (2010). The Effect of Ambiguous Information on Initial and Subsequent IPO Returns. Financial Management, 39, 1497-1519 [3] Brau, J.C., Cicon, J., & McQueen, G. (2016). Soft Strategic Information and IPO Underpricing. Journal of Behavioral Finance, 17(1), 1-17 [4] Epstein, L., Schneider, M. (2008). Ambiguity, information quality, and asset pricing. Journal of Finance 63, 197–228. [5] Ferris, S. P., Hao, Q., & Liao, M.-Y. (2013). The Effect if Issuer Conservation on IPO Pricing and Performance. Review of Finance, 17(3), 993-1027 [6] Feuerriegel, S., Schmitz, J. T., & Neumann, D. (2014). What Matters Most? How Tone in Initial Public Offering Filings and Pre-IPO News Influences Stock Market Returns. Working Paper, University of Freiburg [7] Fishe, R. P. H., North, D., & Smith, A. (2014). Words that Matter for Asset Pricing: The Case of IPOs. Working Paper, University of Richmond & University of California, Davis [8] Hanley, K. W. & Hoberg, G. (2010). The Information Content of IPO Prospectuses. Review of Financial Studies, 23(7), 2821-2864 [9] Hanley, K. W. & Hoberg, G. (2012). Litigation risk, strategic disclosure and the underpricing of initial public offerings. Journal of Financial Economics, 103(2), 235-254 [10] Kothari, S., Li, X., Short, J. (2009). The effect of disclosures by management, analysts, and business press on cost of capital, return volatility, and analyst forecasts: A study using content analysis. Accounting Review 84, 1639–1670. [11] Laughran, T. & McDonald, B. (2011). When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10-Ks. The Journal of Finance, 66(1), 35-65 [12] Laughran, T. & McDonald, B. (2013). IPO First-Day Returns, Offer Price Revision, Volatility, and Form S-1 Language. Journal of Financial Economics, 109(2), 307-326 [13] Laughran, T. & McDonald, B. (2015). The Use of Word Lists in Textual Analysis. Journal of Behavioral Finance, 16(1), 1-11 [14] Laughran, T. & McDonald, B. (2016). Textual Analysis in Accounting and Finance: A Survey. Upcoming on Journal of Accounting Research [15] Park, H. D., & Padel, P.C. (2015). How Does Ambiguity Influence IPO Underpricing? The Role of the Signalling Environment. Journal of Management Studies, 52(6), 796-818 | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/19452 | - |
| dc.description.abstract | 關於財金相關文件或新聞的文字探勘近幾年才逐步開始發展，本論文使用Loughran和McDonald所建立的字典，將美國各公司申請首次公開發行時所提交之公開說明書內的文字依照其語調做分類，探討不同分類的字彙是否會對上市後的股價、公司的營運表現，以及從提交公開說明書至正式上市所花費的時間有所影響。我們發現以公開說明書內的字彙來預測上市後的股價結果可能會不一致；另外，字彙與上市後公司的營運表現，以及從提交公開說明書至正式上市所花費的時間之間並無顯著性的相關。 | zh_TW |
| dc.description.abstract | While there exists a substantial amount of literature focusing on how concrete information in IPO prospectus influences IPO pricing, research concerning the relationship between abstract information and IPO pricing is still less and has not yet been developing since recently. I use the financial sentiment dictionary established by Loughran and McDonald to measure tones in the summary section of Form S-1 and examine how documents’ tone influence underpricing, post-IPO operating performance, and the process time between issuing and filing.
I find that use word classification from Loughran and McDonald’s dictionary to predict IPO underpricing might have inconsistency and the connection between word in prospectus and first-day return might be nuanced. I also find little statistically significant correlation between tones in IPO prospectus and post-IPO operating performances, and the process time between filing and issuing. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-08T01:59:43Z (GMT). No. of bitstreams: 1 ntu-105-R03723018-1.pdf: 1068891 bytes, checksum: ec3dd15fc5c8182001182c56998c7d88 (MD5) Previous issue date: 2016 | en |
| dc.description.tableofcontents | 口試委員會審定書 i
誌謝 ii 摘要 iii Abstract iv Table of Contents v List of Figures vii List of Tables viii Chapter 1. Introduction 1 Chapter 2. Literature Review and Hypothesis 6 2.1 Literature Review 6 2.2 Hypothesis 8 Chapter 3. Data and Methodology 10 3.1 Sample Construction 10 3.2 Summary Statistics 12 3.3 Methodology 13 Chapter 4. Empirical Results 15 4.1 Relation between tones and underpricing 15 4.2 Ten most frequent words in prospectus summary 17 4.3 Relation between tones and post-IPO operating performance 18 4.4 Relation between tones and days needed from filing to issuing 19 4.5 Tones and firm characteristics 20 Chapter 5. Conclusion 21 Reference 23 Appendix 25 | |
| dc.language.iso | en | |
| dc.title | 公開說明書摘要的文字使用對上市後股價、公司營業表現及申請至上市所需時間之影響 | zh_TW |
| dc.title | How Words in Summary Section of Form S-1 Influence IPO First-day Return, Post-IPO Operating Performance, and Process Time between Filing and Issuing | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 104-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 陳威光,張邦茹,黃柏凱 | |
| dc.subject.keyword | 首次公開發行,公開說明書,文字探勘,IPO折價發行, | zh_TW |
| dc.subject.keyword | IPOs,textual analysis,sentiment analysis,underpricing,filings, | en |
| dc.relation.page | 38 | |
| dc.identifier.doi | 10.6342/NTU201600419 | |
| dc.rights.note | 未授權 | |
| dc.date.accepted | 2016-06-21 | |
| dc.contributor.author-college | 管理學院 | zh_TW |
| dc.contributor.author-dept | 財務金融學研究所 | zh_TW |
| 顯示於系所單位： | 財務金融學系 | |
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| ntu-105-1.pdf 未授權公開取用 | 1.04 MB | Adobe PDF |
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