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One More Step, Some More Performance? An Empirical Study on Initial Public Offerings in the Taiwan Emerging Stock Market
Chuang Yuang Lin, Hung Ta Lee and Chun Lin Lee
Emerging Markets Finance & Trade
Vol. 44, No. 4 (Jul. - Aug., 2008), pp. 6-18
Published by: Taylor & Francis, Ltd.
Stable URL: http://www.jstor.org/stable/27750615
Page Count: 13
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This paper investigates the performance effects of initial public offering policies in Taiwan's stock market from 1997 to 2006. We divide the listing channels into six models and test performance differences under each model, using nonparameter tests. We find that indirect listing methods perform better than do direct methods. The results suggest that the longer the processes take for corporations to terminate one market and move to the target final market, the better the firm performance. The results have important policy implications for the ability of a newly established emerging stock market initiative to channel capital into financial markets.
Emerging Markets Finance & Trade © 2008 Taylor & Francis, Ltd.