摘要(英) |
Taiwan individual investors have shown great interests in participating in public drawing of each Taiwan IPOs. However, since local regulators, in 2006, adopted the IPO Clawback Mechanism, i.e. accordingly adjusting the IPO portion allocated to retail tranche based on oversubscription times resulted from public drawing, individual investors’willingness to participate in public drawings has caused significant influences on Taiwan IPO underwriting. To explore the factors affecting individual investors’willingness to participate in IPO public drawings and demonstrate their investment return, an empirical examination toward 232 Taiwan IPO deals from 2007 to 2011 was conducted. The study discovered that discount percentages of IPO offering prices to trading prices on Emerging Stock Market were significantly and positively correlated with individual investors’ willingness to participate in IPO public drawings. In addition, the results also showed retail tranche investors averagely obtained 45.07% abnormal investment return with discount percentage as a crucial factor affecting the level of abnormal returns of each deal. Moreover,the fact that retail investors’ ultimate investment returns were significantly lower than their expected investment returns of 51.05% at the time when participating in public drawings, indicated that retail investors over estimated the expected investment return to a great extent, despite considered the trading prices on Emerging Stock Market a guidance for investment decision.
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