The Effects Of Owners' Participation And Lockup On Ipo Underpricing In Malaysia

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

Preview

PDF Download (122kB) | Preview

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.

Item Type:	Article
Subjects:	H Social Sciences > HD Industries. Land use. Labor > HD28-70 Management. Industrial Management
Divisions:	Penerbit Universiti Sains Malaysia (USM Press) > Asian Academy of Management Journal (AAM)
Depositing User:	Mr Firdaus Mohamad
Date Deposited:	25 Jul 2017 08:12
Last Modified:	25 Jul 2017 08:12
URI:	http://eprints.usm.my/id/eprint/35839

Actions (login required)

View Item