Market information feedback for the high-tech dominated IPO companies

文化大學機構典藏 CCUR > 商學院 > 財務金融學系 > 期刊論文 > Item 987654321/2539

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题名:	Market information feedback for the high-tech dominated IPO companies
作者:	Shih, Kuang-Hsun Lin, Ching-Wen Huang, Huang-Ta Chiang, Wen-Chyuan
贡献者:	財金系
关键词:	capital expenditures growth expectationl-initial return investment decision IPO Market Feedback Hypothesis
日期:	2008
上传时间:	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
显示于类别:	[財務金融學系 ] 期刊論文

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