Title of article
Efficient learning under price limits: evidence from IPOs in Taiwan
Author/Authors
Anlin Chen، نويسنده , , Sue L. Chiou، نويسنده , , Chinshun Wu، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2004
Pages
6
From page
373
To page
378
Abstract
With a sample of Taiwan initial public offerings (IPOs), we show that, ignoring hidden information behind price limits, investors tend to under-react to market information. Correcting for hidden information behind price limits, they learn efficiently and earn no abnormal returns on IPOs.
Keywords
Efficient learning , Initial public offerings , Price limit , Efficient markets hypothesis
Journal title
Economics Letters
Serial Year
2004
Journal title
Economics Letters
Record number
435560
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