Md. Nassir, Annuar and Mohamad, Shamsher (1998) The Performance and Signalling Process of Initial Public Offers in Malaysia: 1980-1996. Pertanika Journal of Social Sciences & Humanities, 6 (2). pp. 71-79. ISSN 0128-7702
Malaysian IPOs are, on average, substantially underpriced compared to underpricing in other emerging and developed market. The findings of this study suggest that this average abnormal return on the first trading day is 135 percent, after which the returns decline slightly in the first week and gradually increase thereafter. A test on possible signalling attributes of new issues to potential investors reveal that of all the suggested determinants, the ex-ante risk factor seems to explain the level of underpricing.
|Keyword:||Initial public offers, signalling, underpricing|
|Faculty or Institute:||Faculty of Economics and Management|
|Publisher:||Universiti Putra Malaysia Press|
|Deposited By:||Nur Izyan Mohd Zaki|
|Deposited On:||24 Nov 2009 07:15|
|Last Modified:||27 May 2013 07:06|
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