The Benefit of Excluding Institutional Investors from Fixed-Price IPOs: Evidence from Taiwan

References

• Aggarwal, R.; N.R. Prabhala; and M. Puri. 2002. "Institutional Allocation in Initial Public Offerings: Empirical Evidence." Journal of Finance 57, no. 3: 1421-1442.
   Google Scholar
• Allen, F., and G.R. Faulhaber. 1989. "Signalling by Underpricing in the IPO Market." Journal of Financial Economics 23, no. 2: 303-323.
   Google Scholar
• Amihud, Y.; S. Hauser; and A. Kirsh. 2003. "Allocations, Adverse Selection, and Cascades in IPOs: Evidence from the Tel Aviv Stock Exchange." Journal of Financial Economics 68, no. 1: 137-158.
   Google Scholar
• Benveniste, L.M., and P.A. Spindt. 1989. "How Investment Bankers Determine the Offer Price and Allocation of New Issues." Journal of Financial Economics 24, no. 2: 343-361.
   Google Scholar
• Benveniste, L.M., and W.J. Wilhelm. 1990. "A Comparative Analysis of IPO Proceeds Under Alternative Regulatory Environments." Journal of Financial Economics 28, nos. 1-2: 173-207.
   Google Scholar
• Chan, K.; J. Wang; and J. Wei. 2004. "Underpricing and Long-Term Performance of IPOs in China." Journal of Corporate Finance 10, no. 3: 409-430.
   Google Scholar
• Cox, D.R. 1970. The Analysis of Binomial Data. London: Methuen.
   Google Scholar
• Eckbo, B.E., and O. Norli. 2005. "Liquidity Risk, Leverage and Long-Run IPO Returns." Journal of Corporate Finance 11, nos. 1-2: 1-35.
   Google Scholar
• Fung, J.; L. Cheng; and K.C. Chan. 2004. "The Impact of the Costs of Subscription on Measured IPO Returns: The Case of Asia." Journal of Corporate Finance 10, no. 3: 459-465.
   Google Scholar
• Habib, M., and A. Ljungqvist. 2001. "Underpricing and Entrepreneurial Wealth Losses in IPOs: Theory and Evidence." Review of Financial Studies 14, no. 2: 433-458.
   Google Scholar
• Hanley, K.W. 1993. "The Underpricing of Initial Public Offerings and the Partial Adjustment Phenomenon." Journal of Financial Economics 34, no. 2: 231-250.
   Google Scholar
• Hanley, K.W., and W.J. Wilhelm. 1995. "Evidence on the Strategic Allocation of Initial Public Offerings." Journal of Financial Economics 37, no. 2: 239-257.
   Google Scholar
• Hughes, P.J., and A.V. Thakor. 1992. "Litigation Risk, Intermediation, and the Underpricing of Initial Public Offerings." Review of Financial Studies 5, no. 4: 709-742.
   Google Scholar
• Ibbotson, R.G., and J.R. Ritter. 1995. "Initial Public Offerings." In Handbooks of Operations Research and Management Science, ed. R.A. Jarrow, V. Maksimovic, and W.T. Ziemba, pp. 993-1016. Amsterdam: North-Holland.
   Google Scholar
• Jenkinson, T., and A. Ljungqvist. 2001. Going Public. Oxford: Oxford University Press.
   Google Scholar
• Keloharju, M. 1993. "The Winner's Curse, Legal Liability, and the Long-Term Price Performance of Initial Public Offerings in Finland." Journal of Financial Economics 34, no. 2: 251-277.
   Google Scholar
• Kim, K.A.; P. Kitsabunnarat; and J.R. Nofsinger. 2004. "Ownership and Operating Performance in an Emerging Market: Evidence from Thai IPO Firms." Journal of Corporate Finance 10, no. 3: 355-381.
   Google Scholar
• Koh, F., and T. Walter. 1989. "A Direct Test of Rock's Model of the Pricing of Unseasoned Issues." Journal of Financial Economics 23, no. 2: 251-272.
   Google Scholar
• Levis, M. 1990. "The Winner's Curse Problem, Interest Cost and the Underpricing of Initial Public Offerings." Economic Journal 100, no. 399: 76-89.
   Google Scholar
• Lin, J.C.; Y. Lee; and Y. Liu. 2003. "What Is IPO Auctions' Weakness?" Working Paper, Department of Finance, Louisiana State University, Baton Rouge, September.
   Google Scholar
• Ljungqvist, A.P., and W.J. Wilhelm. 2002. "IPO Allocations: Discriminatory or Discretionary?" Journal of Financial Economics 65, no. 2: 167-201.
   Google Scholar
• Loughran, T., and J.R. Ritter. 1995. "The New Issue Puzzle." Journal of Finance 50, no. 1: 23-51.
   Google Scholar
• —-. 2002. "Why Don't Issuers Get Upset About Leaving Money on the Table in IPOs?" Review of Financial Studies 15, no. 2: 413-443.
   Google Scholar
• Loughran, T.; J. Ritter; and K. Rydqvist. 1994. "Initial Public Offerings: International Insights." Pacific-Basin Finance Journal 2, nos. 2-3: 165-199.
   Google Scholar
• Ritter, J.R. 1987. "The Costs of Going Public." Journal of Financial Economics 19, no. 2: 269-281.
   Google Scholar
• —-. 1991. The Long-Run Performance of Initial Public Offerings." Journal of Finance 46, no. 1: 3-27.
   Google Scholar
• Ritter, J.R., and I. Welch. 2002. "A Review of IPO Activity, Pricing, and Allocations." Journal of Finance 57, no. 4: 1795-1828.
   Google Scholar
• Rock, K. 1986. "Why New Issues Are Underpriced." Journal of Financial Economics 15, nos. 1-2: 187-212.
   Google Scholar
• Sherman, A.E. 2002. "Global Trends in IPO Methods: Bookbuilding vs. Auction." Working Paper, Department of Finance and Business Economics, University of Notre Dame, South Bend, IN, March.
   Google Scholar
• Spatt, C.S., and S. Srivastava. 1991. "Prepaid Communication, Participation, Restrictions, and Efficiency in Initial Public Offerings." Review of Financial Studies 4, no. 4: 709-726.
   Google Scholar
• Tinic, S.M. 1988. "Anatomy of Initial Public Offerings of Common Stock." Journal of Finance 43, no. 4: 789-822.
   Google Scholar
• Welch, I. 1989. "Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings." Journal of Finance 44, no. 2: 421-449.
   Google Scholar
• —-. 1992. "Sequential Sales, Learning, and Cascades." Journal of Finance 47, no. 2: 695-732.
   Google Scholar