IPO Underpricing: Evidence From Malaysia

The underpricing of initial public offerings (IPOs) are anomalies well documented by numerous empirical studies. The aim of this thesis is to examine whether or not a variety of different proxies employed under the asymmetric information theory particularly the Winner’s Curse and Signaling models in...

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Main Author:	Kannan, Shanmugam
Format:	Thesis
Language:	eng eng
Published:	2011
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/2873/1/Kannan_Shanmugam.pdf https://etd.uum.edu.my/2873/2/1.Kannan_Shanmugam.pdf
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id	my-uum-etd.2873
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Regupathi, Angappan
topic	HG Finance
spellingShingle	HG Finance Kannan, Shanmugam IPO Underpricing: Evidence From Malaysia
description	The underpricing of initial public offerings (IPOs) are anomalies well documented by numerous empirical studies. The aim of this thesis is to examine whether or not a variety of different proxies employed under the asymmetric information theory particularly the Winner’s Curse and Signaling models influence underpricing in the Malaysian market. The study used a sample of 125 the Malaysian IPOs in the period between 2005 to 2009. The result shows that gross proceeds, underwriter, insider retention and market capitalization are significant in explaining the degree of underpricing in IPOs. However on other hand, the findings show that age of company and the gap between prospectus and listing dates could not explain the extent of underpricing in Malaysia for the studied period.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Kannan, Shanmugam
author_facet	Kannan, Shanmugam
author_sort	Kannan, Shanmugam
title	IPO Underpricing: Evidence From Malaysia
title_short	IPO Underpricing: Evidence From Malaysia
title_full	IPO Underpricing: Evidence From Malaysia
title_fullStr	IPO Underpricing: Evidence From Malaysia
title_full_unstemmed	IPO Underpricing: Evidence From Malaysia
title_sort	ipo underpricing: evidence from malaysia
granting_institution	Universiti Utara Malaysia
granting_department	Othman Yeop Abdullah Graduate School of Business
publishDate	2011
url	https://etd.uum.edu.my/2873/1/Kannan_Shanmugam.pdf https://etd.uum.edu.my/2873/2/1.Kannan_Shanmugam.pdf
_version_	1747827449988644864
spelling	my-uum-etd.28732016-04-19T01:17:53Z IPO Underpricing: Evidence From Malaysia 2011-06 Kannan, Shanmugam Regupathi, Angappan Othman Yeop Abdullah Graduate School of Business Othman Yeop Abdullah Graduate School of Business HG Finance The underpricing of initial public offerings (IPOs) are anomalies well documented by numerous empirical studies. The aim of this thesis is to examine whether or not a variety of different proxies employed under the asymmetric information theory particularly the Winner’s Curse and Signaling models influence underpricing in the Malaysian market. The study used a sample of 125 the Malaysian IPOs in the period between 2005 to 2009. The result shows that gross proceeds, underwriter, insider retention and market capitalization are significant in explaining the degree of underpricing in IPOs. However on other hand, the findings show that age of company and the gap between prospectus and listing dates could not explain the extent of underpricing in Malaysia for the studied period. 2011-06 Thesis https://etd.uum.edu.my/2873/ https://etd.uum.edu.my/2873/1/Kannan_Shanmugam.pdf application/pdf eng validuser https://etd.uum.edu.my/2873/2/1.Kannan_Shanmugam.pdf application/pdf eng public masters masters Universiti Utara Malaysia Aggarwal, Leal and Hernandez (1993). The aftermarket performance of Initial public offerings in Latin America. Financial Management, 22, 42-53. Ahmad-Zaluki, N.A.,campbell, K., and Goodacre, A. (2009). Earnings management in Malaysian IPOs: the East Asian crisis, ownership control and post-IPO performance. Retrieved 7 February 2011, from http://ssrn.com/abstract=963085 Allen, F. and Faulhaber, G.R. (1989). Signaling by underpricing in the IPO market. Journal of Financial Economics, 23, 303-323. Balatbat, M. C. A., Taylor, S. L., and Walter, T. S. (2004). 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IPO Underpricing: Evidence From Malaysia

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