A Five-country study on the influence of corporate governance on IPO underpricing
Our study empirically analyzes the impact of corporate governance on IPO underpricing using five ASEAN countries - Indonesia, Malaysia, Philippines, Singapore and Thailand. In our study, the corporate governance is represented by Accounting Standard, Disclosure, and country level corporate governanc...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project (FYP) |
| Language: | English |
| Published: |
2010
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/35474 |
| _version_ | 1811682174745706496 |
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| author | Sharmeel Adam Rajaratnam Jagaganesh Vejayaretnam Wong, Wah Ming |
| author2 | Keshab Man Shrestha |
| author_facet | Keshab Man Shrestha Sharmeel Adam Rajaratnam Jagaganesh Vejayaretnam Wong, Wah Ming |
| author_sort | Sharmeel Adam Rajaratnam |
| collection | NTU |
| description | Our study empirically analyzes the impact of corporate governance on IPO underpricing using five ASEAN countries - Indonesia, Malaysia, Philippines, Singapore and Thailand. In our study, the corporate governance is represented by Accounting Standard, Disclosure, and country level corporate governance ratings from Credit Lyonnais Securities Asia (CLSA). We find that better country level corporate governance reduces the IPO underpricing measured by the first day return. We also analyze the impact of Islamic country characteristics on the IPO underpricing. Contrary to our hypothesis, we find that the IPO underpricing is higher in Islamic countries. Finally, we also analyze the country fixed effect of Singapore and find that the IPO underpricing is higher for Singapore compare to the other four countries considered. |
| first_indexed | 2024-10-01T03:52:39Z |
| format | Final Year Project (FYP) |
| id | ntu-10356/35474 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T03:52:39Z |
| publishDate | 2010 |
| record_format | dspace |
| spelling | ntu-10356/354742023-05-19T03:30:02Z A Five-country study on the influence of corporate governance on IPO underpricing Sharmeel Adam Rajaratnam Jagaganesh Vejayaretnam Wong, Wah Ming Keshab Man Shrestha Nanyang Business School DRNTU::Business::Finance Our study empirically analyzes the impact of corporate governance on IPO underpricing using five ASEAN countries - Indonesia, Malaysia, Philippines, Singapore and Thailand. In our study, the corporate governance is represented by Accounting Standard, Disclosure, and country level corporate governance ratings from Credit Lyonnais Securities Asia (CLSA). We find that better country level corporate governance reduces the IPO underpricing measured by the first day return. We also analyze the impact of Islamic country characteristics on the IPO underpricing. Contrary to our hypothesis, we find that the IPO underpricing is higher in Islamic countries. Finally, we also analyze the country fixed effect of Singapore and find that the IPO underpricing is higher for Singapore compare to the other four countries considered. BUSINESS 2010-04-19T06:09:03Z 2010-04-19T06:09:03Z 2010 2010 Final Year Project (FYP) http://hdl.handle.net/10356/35474 en Nanyang Technological University 47 p. application/pdf |
| spellingShingle | DRNTU::Business::Finance Sharmeel Adam Rajaratnam Jagaganesh Vejayaretnam Wong, Wah Ming A Five-country study on the influence of corporate governance on IPO underpricing |
| title | A Five-country study on the influence of corporate governance on IPO underpricing |
| title_full | A Five-country study on the influence of corporate governance on IPO underpricing |
| title_fullStr | A Five-country study on the influence of corporate governance on IPO underpricing |
| title_full_unstemmed | A Five-country study on the influence of corporate governance on IPO underpricing |
| title_short | A Five-country study on the influence of corporate governance on IPO underpricing |
| title_sort | five country study on the influence of corporate governance on ipo underpricing |
| topic | DRNTU::Business::Finance |
| url | http://hdl.handle.net/10356/35474 |
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