本文探討1998年至2000年的網路泡沫化期間，初次公開發行之價格低估程度及首日交易情況是否會因初次公開發行之公司被提出訴訟而有所不同；另外，根據那斯達克交易所訂定的上市申請標準，探究初次公開發行之公司以不同的上市申請標準申請上市之下，是否其初次公開發行之價格低估程度及首日交易情況會有所差異。我們發現價格低估程度與公司被提起訴訟與否有顯著相關性，但價格低估程度與那斯達克交易所之上市申請標準的相關性則不明顯；雖然無法證明那斯達克交易所之上市申請標準與價格低估程度有關聯，但盈餘績效表現較差的公司，其價格低估程度較大是可被證實的；最後，首日交易情況會因初次公開發行之公司被提起訴訟及那斯達克交易所的上市申請標準的不同而出現異常的交易量值，此結果支持初次公開發行之公司受到操弄的假設。

The purpose in this paper is to investigate whether IPOs upderpricing and aftermarket trading affected by IPOs allegation or NASDAQ listing standards during the bubble period (1998-2000). To summary the empirical findings of this paper, there is a strong link between underpricing and the existence of IPOs allegation. But underpricing is not directly related to the NASDAQ initial listing standards. Secondly, although we cannot find NASDAQ initial listing standards have significant effect on underpricing, we can support that low-performing firms displayed serious underpricing. Finally, the abnormal aftermarket trading gives support to the manipulation hypothesis. In our estimation, controlling for the offer characteristics variables, alleged firms and market capitalization new listing firms have more number of trades and less average volume per trade in the aftermarket.

Content

I. Introduction 1
II. Literature review 4
A. Theoretical Explanations of Underpricing 4
B. Theories Focusing on the market microstructure 6
III. The data 8
A. Sample Selection 8
B. Classification of Firms 8
B.1. IPOs Allegation 8
B.2. NASDAQ Initial Listing Standards 9
C. Summary Statisitcs 10
IV. Empirical results 14
A. Regression of Underpricing on IPOs Allegation and NASDAQ Listing standards 15
B. Regression of Underpricing on Financial Variable 17
C. Regression of aftermarket trading 18
V. Conclusions 21
References 23





Table

Table I NASDAQ National Market Financial Requirements 25
Table II Characteristics of Sample IPOs 26
Table III Financial Characteristics of Firms Just Prior to the Time of Listing 27
Table IV Microstructure Characteristics of Firms on the First Trading Day 28
Table V Mann-Whitney U Test Results on Financial Variables 29
Table VI Mann-Whitney U Test Results on Microstructure Variables 30
Table Ⅶ Regression of Underpricing on IPOs Allegation and NASDAQ Listing Standards 31
Table Ⅷ Regression of Underpricing on Financial Variable 33
Table Ⅸ Regression of Microstructure Variable 35

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