It has been proven by Ljungqvist and Wilhelm (2002) that constraints on underwriters' allocation discretion reduce price revisions. The dual-tranche bookbuilding in Taiwan and Hong Kong imposes more regulations limiting underwriters than U.S. bookbuilding does, but price revisions of Taiwan and...

Purpose – The purpose of this paper is to examine the long‐run performance of initial public offerings (IPOs) in Taiwan with a five‐factor model on a calendar time basis. Design/methodology/approach – Besides the Fama‐French three factors, the paper also incorporates leverage and...

This study examines the relationship between controlling ownership and firm performance in Taiwan. We focus on whether external competition and internal governance alleviate the adverse impact of controlling ownership on firm performance and whether external governance dominates internal...