Pre-market Trading and IPO Pricing
研究台湾强制上市前市场（新兴股票市场）发现，上市前价格能很好预测上市后价格，且预测力随流动性增强；但平均IPO抑价仍高达55%，表明承销商与发行人之间的代理问题会导致过度抑价。
Studying the only mandatory pre-IPO market in the world—Taiwan’s Emerging Stock Market (ESM)—we document that pre-market prices are very informative about post-market prices and that informativeness increases with a stock’s liquidity. The ESM price-earnings ratio shortly before an initial public offering explains about 90% of the variation in the offer price-earnings ratio. However, the average IPO underpricing level remains high, at 55%, suggesting that agency problems between underwriters and issuers can lead to excessive underpricing, even with little valuation uncertainty. Also, regulations impact the relative bargaining power of players and therefore IPO pricing.Received June 4, 2014; accepted April 13, 2016 by Editor Andrew Karolyi.