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Initial Public Offerings in the Tourism Industry: an International Analysis of Taiwan

ABSTRACT This study investigates the short-run and long-run price performances of tourism-related IPOs that listed on Taiwan's two stock exchanges between 1982 and 2002. Taiwan's tourism industry has seen an increasing number of firms going public in recent years. Results are consistent with other studies that IPOs are generally underpriced. The degree of underpricing is more severe when the stock is purchased at the initial offer price. However, it is still smaller than the overall IPO markets in Taiwan, as well as the tourism IPOs in the U.S. After removal of outliers, the island's tourism IPOs perform poorly one year after IPO relative to the market benchmark, while the overall IPO markets show no abnormal return one year after IPO. Moreover, both the magnitude of short-run underpricing and long-run underperformance exhibit wide variations among the sample firms.