فعالیت فروش استقراضی، بازده قیمت و ارزش بنیادی سهام IPO
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|50722||2012||16 صفحه PDF||سفارش دهید||9934 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Pacific-Basin Finance Journal, Volume 20, Issue 5, November 2012, Pages 809–824
In this study, we take advantage of the unique features of the Taiwan stock market, where short selling is forbidden within the first six months following an IPO. We examine the effects of short selling on IPO price efficiency and the relation between short selling activities and the fundamental value of IPO stocks. We find that price efficiency is improved with increased short selling after the lifting of short sale constraints on IPO stocks. We also show that short sellers tend to target IPO stocks with low fundamental ratios, but simultaneously avoid stocks with high transaction costs. In addition, we provide empirical evidence that short sellers focus more on temporary price fluctuations rather than temporary fluctuations in fundamentals.