Title page for etd-0624108-132724


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URN etd-0624108-132724
Author Tzu-Ju Tsai
Author's Email Address euphoria810123@gmail.com
Statistics This thesis had been viewed 5386 times. Download 6 times.
Department Finance
Year 2007
Semester 2
Degree Master
Type of Document
Language zh-TW.Big5 Chinese
Title none
Date of Defense 2008-06-14
Page Count 59
Keyword
  • Ownership Structure
  • Investors Structure
  • Book-Building
  • Public Offer
  • Abstract In Alternext, companies could choose two different kinds of IPO mechanisms; one is Public Offer, and the other is Private Placement. In fact, Private Placement in Alternext means 100% book-building. This article focused on what kind of companies would intend to choose Private Placement other than Public Offer, and compared their IPO discounts and market performance with companies using another mechanism. Companies with low profitability and no family holding would prefer to use Private Placement. However, companies with highly information asymmetry and profitability would also choose Private Placement. From the view of post-IPO liquidity, we infer that companies that choose Private Placement may be due to their preference for long-term investors. Referring to IPO indirect cost, we found that companies choosing Private Placement pay higher IPO discount cost. However, their post-IPO cumulated abnormal returns (CAR) are higher than companies using Public Offering.
    Advisory Committee
  • Te-Chung Hu - chair
  • Cheng-Yi Shiu - co-chair
  • Tai Ma - advisor
  • Files
  • etd-0624108-132724.pdf
  • indicate in-campus access in a year and off_campus not accessible
    Date of Submission 2008-06-24

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