Publication Type
Journal Article
Version
acceptedVersion
Publication Date
1-2013
Abstract
This paper examines the aftermarket performance of initial public offerings (IPOs) and explores the underpricing of IPOs in an Asian emerging equity market using a comprehensive sample of IPOs. Our findings suggest that there exist a significant underpricing. Specifically, new issues have been offered at an average market-adjusted discount of about 20%. The magnitude of IPO underpricing is significantly larger for large firms, older firms and firms with small offering size.
Keywords
Initial Public Offerings, Underpricing, Aftermarket Performance, Market Efficiency
Discipline
Asian Studies | Finance and Financial Management
Research Areas
Finance
Publication
International Research Journal of Finance and Economics
Volume
103
First Page
86
Last Page
99
ISSN
1450-2887
Publisher
IRJFE
Citation
CHIRAPHOL, Chiyachantana N.; PINTA, Theerawat; TAECHAPIROONTONG, Nareerat; and WONGKHAM, Anantaporn.
The aftermarket performance of initial public offerings. (2013). International Research Journal of Finance and Economics. 103, 86-99.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/6819
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
http://www.internationalresearchjournaloffinanceandeconomics.com/ISSUES/IRJFE_Issue_103.htm