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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 何耕宇 | |
| dc.contributor.author | Ting Huang | en |
| dc.contributor.author | 黃婷 | zh_TW |
| dc.date.accessioned | 2021-06-16T08:26:44Z | - |
| dc.date.available | 2019-03-08 | |
| dc.date.copyright | 2014-03-08 | |
| dc.date.issued | 2014 | |
| dc.date.submitted | 2014-01-18 | |
| dc.identifier.citation | 1.Akhigbe, Aigbe, Stephen F. Borde, and Ann M. Whyte, 2003, “Does an industry effect exist for initial public offerings?” Financial Review 38, 531-551.
2.Baker, Malcolm P., and Jeffrey A. Wurgler, 2002, “Market timing and capital structure.” Journal of Finance 57, 1-32. 3.Barry, Christopher B., Chris J. Muscarella, John W. Peavy, and Michael R. Vetsuypens, 1990, “The empirical power and specification of test statistics.” Journal of Financial Economics 41, 359-399. 4.Busabe, Walid, Lawrence M. Benveniste, and Re-Jin Guo, 2001, “The option to withdraw IPOs during the premarket: Empirical analysis.” Journal of Financial Economics 60, 73-102. 5.Carter, Richard B., Federick H. Dark, and Ajai K. Singh, 1998, “Underwriter reputation, initial returns, and the long-run performance of IPO stocks.” Journal of Finance 53, 285-311. 6.Carter, Richard, and Steven Manaster, 1990, “Initial public offerings and underwriter reputation.” Journal of Finance 45, 1045-1067. 7.Chevalier, Judith A., 1995, “Capital structure and product-market competition: Empirical evidence from the supermarket industry.” America Economic Review 85, 415-435. 8.Hsu, Hong-Chia, Adam V, Reed, and Jorg Rocholl, 2010, “The new game in town: Competitive effects of IPOs.” Journal of Finance 65, 495-528. 9.Ibbotson, Roger G., and Jeffrey F. Jaffe, 1975, “Hot issue markets.” Journal of Finance 30, 1027-1042. 10.Jain, Bharat A., and Omesh Kini, 1994, “The post-issue operating performance of IPO firms.” Journal of Finance 49, 1699-1726. 11.Jain, Bharat A., and Omesh Kini, 1995, “Venture capitalist participation and the post-issue operating performance of IPO firms.” Managerial and Decision Economics 16, 593-606. 12.Lang, Larry H. and René M. Stulz, 1992, “Contagion and competitive intraindustry effects of bankruptcy announcements: An empirical analysis.” Journal of Financial Economics 32, 45-60. 13.Loughran, Tim, and Jay R. Ritter, 1995, “The new issues puzzle.” Journal of Finance 50, 23-51. 14.Loughran, Tim, and Jay R. Ritter, 1997, “The operating performance of firms conducting seasoned equity offerings.” Journal of Finance 52, 1823-1850. 15.Megginson, William L., and Kathleen A. Weiss, 1991, “Venture capitalist certification in initial public offerings.” Journal of Finance 46, 879-903. 16.Mikkelson, Wayne H., Megan Partch, and Ken Shah, 1997, “Ownership and operating performance of companies that go public.” Journal of Financial Economics 44, 281-307. 17.Pagano, Marco, Fabio Panetta, and Luigi Zingales, 1998, “Why do companies go public? An empirical analysis.” Journal of Finance 53, 27-64. 18.Pastor, Lubos, Lucian A. Taylor, and Pietro Veronesi, 2009, “Entrepreneurial learning, the IPO decision, and the post-IPO drop in firm profitability.” Review of Financial Studies 22, 3005-3046. 19.Ritter, Jay R., 1991, “The long-run performance of initial public offerings.” Journal of Finance 46, 3-27. 20.Slovin, Myron B., Marie E. Sushka, and John A. Polonchek, 1992, “Informational externalities of seasoned equity issues: Differences between banks and industrial firms.” Journal of Financial Economics 32, 87-101. 21.Spence, A. Michael, 1984, “Industrial-organization and competitive advantage in multinational industries.” American Economic Review 74, 356-360. 22.Stoughton, Neal, Kit Pong Wong, and Josef Zechner, 2001, “IPOs and product quality.” Journal of Business 74, 375-408. 23.Zingales, Luigi, 1998, “Survival of the fittest or the fattest? Exit and financing in the trucking industry.” Journal of Finance 53, 905-938. 24.陳軒基，葉秀娟，陳右超，2003，承銷制度與折價幅度：台灣初次上市櫃股票之實證分析〈1980~2000〉。證券市場發展季刊14:4，175-198。 | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/58707 | - |
| dc.description.abstract | 本篇論文以1986至2008年間台灣證券市場初次上市公司為研究對象，探討初次上市公司對於同產業既存公司是否具有競爭效果，並研究其競爭效果的來源和影響程度。本文主要以競爭者股價的累積異常報酬及長期經營表現分析競爭效果。成功上市的公司經實證發現確實具有競爭優勢，對於產業競爭者來說有負面影響，因此產業中若有新上市公司，產業競爭者的經營表現在其後幾年會顯著劣化；反之，在上市申請的過程中撤回上市案，對於產業競爭者則是正面訊號。競爭效果受到財務槓桿、創投投資及知識資本的影響很大，研究結果發現其與創投投資及知識資本呈正向關係，與財務槓桿呈反向關係。 | zh_TW |
| dc.description.abstract | This paper investigates the competitive effect of initial public offering firms on industry incumbents by using Taiwan securities market data from 1986 to 2008. We use incumbent firms’ cumulative abnormal return and long-term operating performance to measure the competitive effect. Empirical results suggest that firms successfully completing their IPOs have competitive advantage, which lead to the deterioration on the stock and operating performance of incumbents. As opposed to completed IPOs, industry competitors react positively when there is a withdrawn IPO incurring in their industry. The competitive effect is related to financial leverage, venture capital, and the presence of knowledge capital. Venture capital and knowledge are positively associated with the operating performance of incumbents, while financial leverage is negatively correlated with the operating performance of incumbent firms. | en |
| dc.description.provenance | Made available in DSpace on 2021-06-16T08:26:44Z (GMT). No. of bitstreams: 1 ntu-103-R00723023-1.pdf: 934063 bytes, checksum: 00d31e7d2bb7eaba295db0282925679a (MD5) Previous issue date: 2014 | en |
| dc.description.tableofcontents | 誌謝-------------------------------------------------------I
中文摘要--------------------------------------------------II ABSTRACT-------------------------------------------------III CONTENTS--------------------------------------------------IV LIST OF FIGURES-------------------------------------------VI LIST OF TABLES-------------------------------------------VII Chapter 1 Introduction------------------------------------1 Chapter 2 Hypothesis Development--------------------------4 2.1 Short-Term Stock Performance--------------------------4 2.2 Long-Term Operating Performance-----------------------5 2.3 Cross-Sectional Difference of Leverage, Certification and Knowledge----------------------------------------------6 Chapter 3 Data and Methodology----------------------------9 3.1 Database and Sample Selection-------------------------9 3.2 Methodology------------------------------------------10 3.2.1 Event Study----------------------------------------10 3.2.2 Regression-----------------------------------------11 Chapter 4 Empirical Results------------------------------14 4.1 Short-Term Stock Performance-------------------------14 4.1.1 Returns Around Completed IPOs----------------------14 4.1.2 Returns Around Withdrawn IPOs----------------------14 4.1.3 Returns Around IPO Filings-------------------------15 4.1.4 Difference Between Completed IPOs and Withdrawn IPOs-----------------------------------------------------------16 4.2 Long-Term Operating Performance----------------------17 4.2.1 Pre-IPO and Post-IPO Operating Performance---------18 4.2.2 Multivariate Analysis------------------------------19 4.3 Cross Sectional Differences among Publicly Listed Firms-----------------------------------------------------20 4.3.1 Leverage-------------------------------------------20 4.3.2 Certification--------------------------------------21 4.3.3 Knowledge Capital----------------------------------22 4.3.4 Control Variable-----------------------------------23 Chapter 5 Conclusions------------------------------------25 References------------------------------------------------27 | |
| dc.language.iso | en | |
| dc.subject | 經營績效 | zh_TW |
| dc.subject | 初次上市 | zh_TW |
| dc.subject | 股價表現 | zh_TW |
| dc.subject | 競爭效果 | zh_TW |
| dc.subject | IPO | en |
| dc.subject | Competitive Effect | en |
| dc.subject | Stock Performance | en |
| dc.subject | Operating Performance | en |
| dc.title | 首次公開上市公司的競爭效果：以台灣為例 | zh_TW |
| dc.title | Competitive Effect of IPO：Evidence from Taiwan Securities Market | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 102-1 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 周冠男,徐之強 | |
| dc.subject.keyword | 初次上市,競爭效果,股價表現,經營績效, | zh_TW |
| dc.subject.keyword | IPO,Competitive Effect,Stock Performance,Operating Performance, | en |
| dc.relation.page | 41 | |
| dc.rights.note | 有償授權 | |
| dc.date.accepted | 2014-01-20 | |
| 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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