THE EFFECT OF IPO LOCKUP AGREEMENTS ON STOCK PRICES: AN EMPIRICAL ANALYSIS ON THE TAIWAN STOCK EXCHANGE
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We examine the performance o f Taiwanese IPOs surrounding lockup expiration. We find some evidence that investors in IT-IPOs could suffer significant wealth losses, in the days just prior to the lockup expiration. Non-IT !PO investors are not similarly affected. However, contrary to previous research, we find significant return reversals for both IT and non-IT stocks. After the lockup expiration dates trading volumes are also abnormally high. The returns to IT firms and firms with larger market capitalizations, exhibit greater sensitivity to lockup expiration dates than those ofnon-ITfirms and small-capfirms.
Abstract
We examine the performance o f Taiwanese IPOs surrounding lockup expiration. We find some evidence that investors in IT-IPOs could suffer significant wealth losses, in the days just prior to the lockup expiration. Non-IT !PO investors are not similarly affected. However, contrary to previous research, we find significant return reversals for both IT and non-IT stocks. After the lockup expiration dates trading volumes are also abnormally high. The returns to IT firms and firms with larger market capitalizations, exhibit greater sensitivity to lockup expiration dates than those ofnon-ITfirms and small-capfirms.