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

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 g...

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Main Authors: Md. Nassir, Annuar, Mohamad, Shamsher
Format: Article
Language:English
English
Published: Universiti Putra Malaysia Press 1998
Online Access:http://psasir.upm.edu.my/id/eprint/3216/1/The_Performance_and_Signalling_Process_of_Initial.pdf
http://psasir.upm.edu.my/id/eprint/3216/
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spelling my.upm.eprints.32162013-05-27T07:06:31Z http://psasir.upm.edu.my/id/eprint/3216/ The Performance and Signalling Process of Initial Public Offers in Malaysia: 1980-1996 Md. Nassir, Annuar Mohamad, Shamsher 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. Universiti Putra Malaysia Press 1998 Article PeerReviewed application/pdf en http://psasir.upm.edu.my/id/eprint/3216/1/The_Performance_and_Signalling_Process_of_Initial.pdf 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 English
institution Universiti Putra Malaysia
building UPM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Putra Malaysia
content_source UPM Institutional Repository
url_provider http://psasir.upm.edu.my/
language English
English
description 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.
format Article
author Md. Nassir, Annuar
Mohamad, Shamsher
spellingShingle Md. Nassir, Annuar
Mohamad, Shamsher
The Performance and Signalling Process of Initial Public Offers in Malaysia: 1980-1996
author_facet Md. Nassir, Annuar
Mohamad, Shamsher
author_sort Md. Nassir, Annuar
title The Performance and Signalling Process of Initial Public Offers in Malaysia: 1980-1996
title_short The Performance and Signalling Process of Initial Public Offers in Malaysia: 1980-1996
title_full The Performance and Signalling Process of Initial Public Offers in Malaysia: 1980-1996
title_fullStr The Performance and Signalling Process of Initial Public Offers in Malaysia: 1980-1996
title_full_unstemmed The Performance and Signalling Process of Initial Public Offers in Malaysia: 1980-1996
title_sort performance and signalling process of initial public offers in malaysia: 1980-1996
publisher Universiti Putra Malaysia Press
publishDate 1998
url http://psasir.upm.edu.my/id/eprint/3216/1/The_Performance_and_Signalling_Process_of_Initial.pdf
http://psasir.upm.edu.my/id/eprint/3216/
_version_ 1643822547473530880
score 13.160551

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