文化大學機構典藏 CCUR:Item 987654321/2539
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    Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/2539


    Title: Market information feedback for the high-tech dominated IPO companies
    Authors: Shih, Kuang-Hsun
    Lin, Ching-Wen
    Huang, Huang-Ta
    Chiang, Wen-Chyuan
    Contributors: 財金系
    Keywords: capital expenditures
    growth expectationl-initial return
    investment decision
    IPO
    Market Feedback Hypothesis
    Date: 2008
    Issue Date: 2009-11-06 11:54:39 (UTC+8)
    Abstract: The prevalence of investment opportunities and the cost of capital arc the two uncertainties that affect the managers' selection and judgment of future investment opportunities. This study investigates the effect of an IPO company's initial return on the investment policies of managers by examining the causal relationships among variables including pre- and post-IPO capital expenditure levels, forecasted growth rates, company size and initial returns. The findings show Market Feedback Hypothesis, which applies to Taiwan's market, but also managers take advantage of their control of pre-IPO investment and dividend policies to influence the judgment of investors at the time of the initial public offering in order to affect the initial return rate. In addition, company size has an inverse relationship to the stability of both pre- and post-TPO investment policies: smaller companies' managers tend to refer to investors' expectations when adjusting their future investment policies.
    Relation: INTERNATIONAL JOURNAL OF TECHNOLOGY MANAGEMENT Volume: 43 Issue: 1-3 Pages: 76-95
    Appears in Collections:[Department of Banking & Finance ] periodical articles

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