| 題名: | Market information feedback for the high-tech dominated IPO companies |
| 作者: | Shih, Kuang-Hsun
Lin, Ching-Wen
Huang, Huang-Ta
Chiang, Wen-Chyuan |
| 貢獻者: | 財金系 |
| 關鍵詞: | capital expenditures
growth expectationl-initial return
investment decision
IPO
Market Feedback Hypothesis |
| 日期: | 2008 |
| 上傳時間: | 2009-11-06 11:54:39 (UTC+8) |
| 摘要: | 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. |
| 關聯: | INTERNATIONAL JOURNAL OF TECHNOLOGY MANAGEMENT Volume: 43 Issue: 1-3 Pages: 76-95 |
| 顯示於類別: | [Department of Banking & Finance ] periodical articles
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