题名

IPO Lockup Expiration and Institutional Investors Trading

并列篇名

IPO閉鎖解除日與機構投資人交易

DOI

10.6545/JFS.201803_26(1).0001

作者

黃柏凱(Po-Kai Huang)；張邦茹(Pang-Ru Chang)；姜堯民(Yao-Min Chiang)

关键词

Lockup expiration ； institutional investors ； 閉鎖解除日 ； 機構投資人

期刊名称

財務金融學刊

卷期/出版年月

26卷1期（2018 / 03 / 31）

页次

1 - 24

内容语文

英文
中文摘要

We test the true unlock effect based on these withdrawal dates of lockup shares for 380 IPO firms from 2005 to 2014 in Taiwan, unlike previous studies which find no significant market returns based on regulation date. We find significantly negative abnormal returns around the first withdrawal date. We further show that institutional investors significantly react to these withdrawal events by selling shares and buying back shares before prices moved up. This action is especially more significant for mutual funds than for foreign institutional investors and dealers.
英文摘要

本研究探討2005年至2014年380家臺灣IPO公司首次閉鎖解除日之股價反應，以及首次閉鎖解除日之機構投資人交易情形。我們發現在首次閉鎖解除日時，具有顯著為負之異常報酬率；而機構投資人在首次閉鎖解除日事件中，顯著賣超及在價格上漲之前顯著買超，相較於外資和自營商，投信之此種交易行為較顯著。
主题分类 社會科學 > 經濟學
社會科學 > 財金及會計學
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被引用次数
  1. 黃柏凱,張邦茹,姜堯民,林書伃(2021)。公司成長性對停發現金股利決策的影響。管理與系統，28(2)，225-248。
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