摘要(英) |
The Taiwan Stock Exchange and the OTC clearly stipulate that except for public enterprises, starting from January 1, 2003, the stocks must be traded on the emerging stock market for three months before they can apply for listing on the OTC. In December of the following year, the relevant regulations were revised again, requiring that from January 1, 2005, the trading period on the emerging stock market before applying for listing should be extended from 3 months to more than 6 months, and the unlisted stocks should be managed formally and provide a legal and open trading method to protect the rights and interests of investors. This thesis takes the companies listed on the OTC for the first time from January 2019 to December 2020 as the research object, and explores whether the emerging stock company has abnormal remuneration from the date of application for listing (counter) to the official listing date and the relationship between the winning rate and the rate of return.
The empirical resultsmajor findings of this study are the following:found
(1) The bigger the price difference and the lower the winning rate. It is obvious that the switch from emerging stock market to OTC, but the research and analysis results are not significant.
(2) In the case of emerging stock transfer to listed stock, the larger the difference in price, the higher the winning rate.
(3) On average, the underwriting price is 20 NT$ lower than the closing price on the announcement day.
(4) Newly listed stocks have higher discounts than newly OTC stocks. |
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