摘要(英) |
The study examines the backdoor listing, samples from real cases during the period of 2003-2013 in Taiwan, to discuss the procedure and explain the phenomenon. In order to shed a light on the cause and effect of backdoor listing, I analyze how the market respond to the events in short and long term according to the samples divided by business types.
Samples are categorized as 4 different types accompanied by important cases:(1) New leader teams are brought in with operation performance improved significantly. (2)operation performance improved slightly or not changed. (3) penalized hold of stock trading by regulatory authority for critical abnormal event or convicted of insider-trading by the court. (4)convicted of illegal infringement regarding to business type by court. I conclude that some backdoor companies truly improve their operation performance while some do not.
I also study the announcement effect on share price. The evidence reveal that the days prior and after the announcement have significant effect on the abnormal returns, which last until the completion of backdoor listing process, but reverse slightly 480 days thereafter.
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