Wan Hussin, Wan Nordin
(2005)
The Effects Of Owners' Participation
And Lockup On Ipo Underpricing In Malaysia.
Asian Academy of Management Journal (AAMJ), 10 (1).
pp. 1-18.
ISSN 1394-2603
Abstract
Recent theories of initial public offering (IPO) underpricing depart from the traditional
asymmetric information models. Two recent IPO underpricing models are Habib and
Ljungqvist (2001) and Brav and Gompers (2003). The Malaysian IPO market,
characterised by high incidence of secondary offerings and IPO lockup commitments,
provides a fertile ground to test the newer theories of IPO underpricing. Examining IPOs
between August 1996 and June 2000 in Bursa Malaysia, the evidence lends support to
the theoretical predictions that IPO underpricing is negatively related to owners'
participation ratio and positively associated with the fraction of directors' shares which
is subject to liquidity restrictions.
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