新上市股的長期績效優於市場,但相較於五年未發行新股的對照公司則較差,而在市場空頭時期上市的股票績效卻相對較佳.和未發行新股的對照公司相較,股票的年報酬率變化呈現碗狀的趨勢,在上市後的營運績效有下滑的現象,隱含投資人有過度樂觀的情形.新股發行效果存在,即新上市股在上市五年內對預期報酬率都有負的影響.此效果和規模效果,市價淨值效果同時存在而無法取

一、中文部份
1.洪日爛，台灣股票市場新上市股票投資報酬率與市場效率性之研究，政大企研所未出版碩士論文，民國六十八年
2.歐進士，關係企業財務規劃與控制之研究，政大會研所未出版碩士論文，民國七十三年
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4.陳秀亮，新上市股票價格行為探討，中央產經所未出版碩士論文，民國七十六年
5.楊泓文，新上市股票報酬之研究，交大管科所未出版碩士論文，民國七十六年
6.許永聲，新上市股票異常價格績效之驗證與探討，東海企研所未出版碩士論文，民國七十八年
7.卜慶銘，台灣新上市股票承銷價制定與超額報酬相關性之研究，中興企研所未出版碩士論文，民國七十九年
8.林博泰，股票新上市超額報酬持久性之研究，台大商研所未出版碩士論文，民國八十年
9.周士淵，我國新上市公司股票價格績效之研究，淡江管科所未出版碩士論文，民國八十一年
10.劉安炳，我國新上市公司股價行為之研究，工業技術研究所未出版碩士論文，民國八十一年
11潘慈暉，新上市股票異常報酬及其影響因素之實證研究，台大商研所未出版碩士論文，民國八十三年
12.賴柏堯，影響台灣新上市股票定價與報酬因素之研究，中正財金所未出版碩士論文，民國八十二年
13.陳盛德，新上市股票長期報酬之研究，中正財金所未出版碩士論文，民國八十三年
14.劉恩棠，新上市股票超額報酬:短期現象乎？長期現象乎？中央財管所未出版碩士論文，民國八十三年
15.白邦瑜，我國新上市股票市場價值與訊息理論關係之研究，中正企研所未出版碩士論文，民國八十四年
16.陳坤宏，聯屬持股與經營績效之研究，中財管正所未出版碩士論文，民國八十四年
17.顏月珠，實用統計方法，三民書局，民國七十九年
18.台灣區集團企業之研究，中華徵信所，民國七十五年到八十年之各版本
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