Article2003

Initial performance of new issues of shares in Malaysia

83 citations0/0 files storedApplied Economics

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Abstract

This paper presents the levels of under-pricing for new issues in a developing country, Malaysia, over a more recent period, January 1990-December 1998, than reported in prior studies. Three types of new issues were examined, namely public issue, offer for sale and combination or hybrid of offer for sale and public issue. Comparisons of initial return between types of new issues and between different board of listing were made. The results of independent t -tests for difference in mean initial returns indicate that, in general, there are significant differences in mean initial returns between types of new issues and between boards of listing. The results of step-wise regression reveal that on average, only over-subscription ratio contributes significantly to the initial returns. However, caution should be taken when interpreting the models formed because the Durbin-Watson rest indicate that some models are not free from problem of auto-correlation of the residuals.

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References

1986Why new issues are underpriced 1986Investment banking, reputation, and the underpricing of initial public offerings 1989Signalling by underpricing in the IPO market 1989Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings 1975Price performance of common stock new issues 1992Sequential Sales, Learning, and Cascades 1994Initial public offerings: International insights 1988INITIAL PUBLIC OFFERINGS

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2011Explaining over-subscription in fixed-price IPOs — Evidence from the Malaysian stock market 2010Initial returns of Malaysian IPOs and Shari'a‐compliant status 2007Share allocations and performance of KLSE second board IPOs 2005Government Public Policy, Regulatory Intervention, and Their Impact on IPO Underpricing: The Case of Malaysian IPOs 2006Rate of subscription and after-market volatility in Hong Kong IPOs 2012The underpricing of IPOs on the Stock Exchange of Mauritius

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