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The Performance and Signalling Process of Initial Public Offers in Malaysia: 1980-1996


Citation

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

Abstract / Synopsis

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.


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Additional Metadata

Item Type: Article
Divisions: Faculty of Economics and Management
Publisher: Universiti Putra Malaysia Press
Keywords: Initial public offers, signalling, underpricing
Depositing User: Nur Izyan Mohd Zaki
Date Deposited: 24 Nov 2009 07:15
Last Modified: 27 May 2013 07:06
URI: http://psasir.upm.edu.my/id/eprint/3216
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