Market States and Pre-IPO Marketing Expenditures in Japanese IPOs Market
| Autor: | Yu-Chen Chu, 朱祐瑱 |
|---|---|
| Rok vydání: | 2011 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 99 Prior studies show the evidence of non-financial variables such as marketing affects investor’s response to risky asset pricing, and indicate that the distribution of risky asset returns is asymmetric and non-nomality, implying using Ordinary Least Squares (OLS) method with the assumption of normal distributions may lead to unreliable estimates. This study tries to apply quantile regression to the analysis of the sample in order to avoid estimation bias. This study examines whether a firm’s pre-IPO marketing expenditures affects its’ initial public offering (IPO) underpricing in Japan and examine whether market states influence the existing relation between pre-IPO marketing expenditures and IPO underpricing. The empirical results shows: (1) pre-IPO marketing expenditures significantly reduce IPO underpricing levels, (2) pre-IPO marketing expenditures can reduce IPO underpricing levels following bear markets as it cannot reduce IPO underpricing levels following bull markets. Therefore, as firms decide to use marketing strategies to make their firm remarkable, and in turns without concerning for market states to reduce the degree of IPO underpricing, their objective may not be reached. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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