Chen, Anlin; Huang, Yu Ting Urania; Kao, Lanfeng; Lu, … - In: Emerging Markets Finance and Trade 45 (2009) 5, pp. 19-30
In Taiwan, underwriters are required to retain at least 10 percent but no more than 25 percent of underwritten initial public offering (IPO) shares and sell the remainder to the public. We find that IPO underpricing causes underwriters to retain more shares to earn capital gains on retained...
