• 作者： 俞海琴; 謝清潭
• 作者服務機構： 中原大學國貿系; 蘭陽仁愛醫院
• 中文摘要： 本研究係探討我新上市股票價格低估與後續市場成交量間之關係。文中係選取1994年9月1日至1995年5月15日止，在台灣證券交易所第一次上市買賣之股票為研究樣本，共39家。並以15分鐘為單位的日內資料為檢定基礎，將樣本依其價格是否低估分為二類，探討二組樣本在個別交易時間與累積交易時間上，成交量與成交價格間差異之行為。結果發現，新上市股票發行價格的低估，與上市後交易量顯著放大的前三天市場交易量有顯著關係，且以上市後交易量顯著放大的第二個交易日最為明顯。另外，新上市股票發行價格的低估，對股票在上市後前三天成交價格的好壞亦有顯著影響。
• 英文摘要： This paper attempts to investigate the relationship between the underpricing of IPOs and aftermarketsupport behavior in Taiwan's stock-listed market. Our sample consists of the 39 IPOs from Sep. 1 1994 to May15 1995. We separate the sample into two groups based on whether or not their underwriting price isunderpriced. Then we use iT-test to analyse the different behavior of these two groups based on their 15minute interval intraday trading volumns and price. The empirical results reveal that the underpricing of IPOshas significant influence on their trading volumns for the first three days, especially in the second day. Alsoit has significant influence on the IPOs trading price for the first three days.
• 中文關鍵字： 價格低估; 新上市股票; 成交量; 日內交易; 穩定性
• 英文關鍵字： Undepricing; IPOs;Intraday Trading; Stabilization; Trading Volumns