The Effects Of Owners' Participation And Lockup On Ipo Underpricing In Malaysia
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...
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| Format: | Article |
| Language: | English |
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Asian Academy of Management (AAM)
2005
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| Online Access: | http://eprints.usm.my/35839/1/AAMJ_10-1-2.pdf |
| _version_ | 1825833354923081728 |
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| author | Wan Hussin, Wan Nordin |
| author_facet | Wan Hussin, Wan Nordin |
| author_sort | Wan Hussin, Wan Nordin |
| collection | USM |
| description | 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. |
| first_indexed | 2024-03-06T15:06:34Z |
| format | Article |
| id | usm.eprints-35839 |
| institution | Universiti Sains Malaysia |
| language | English |
| last_indexed | 2024-03-06T15:06:34Z |
| publishDate | 2005 |
| publisher | Asian Academy of Management (AAM) |
| record_format | dspace |
| spelling | usm.eprints-358392017-07-25T08:12:28Z http://eprints.usm.my/35839/ The Effects Of Owners' Participation And Lockup On Ipo Underpricing In Malaysia Wan Hussin, Wan Nordin HD28-70 Management. Industrial Management 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. Asian Academy of Management (AAM) 2005 Article PeerReviewed application/pdf en http://eprints.usm.my/35839/1/AAMJ_10-1-2.pdf 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 http://web.usm.my/aamj/10.1.2005/AAMJ%2010-1-2.pdf |
| spellingShingle | HD28-70 Management. Industrial Management Wan Hussin, Wan Nordin The Effects Of Owners' Participation And Lockup On Ipo Underpricing In Malaysia |
| title | The Effects Of Owners' Participation
And Lockup On Ipo Underpricing In Malaysia |
| title_full | The Effects Of Owners' Participation
And Lockup On Ipo Underpricing In Malaysia |
| title_fullStr | The Effects Of Owners' Participation
And Lockup On Ipo Underpricing In Malaysia |
| title_full_unstemmed | The Effects Of Owners' Participation
And Lockup On Ipo Underpricing In Malaysia |
| title_short | The Effects Of Owners' Participation
And Lockup On Ipo Underpricing In Malaysia |
| title_sort | effects of owners participation and lockup on ipo underpricing in malaysia |
| topic | HD28-70 Management. Industrial Management |
| url | http://eprints.usm.my/35839/1/AAMJ_10-1-2.pdf |
| work_keys_str_mv | AT wanhussinwannordin theeffectsofownersparticipationandlockuponipounderpricinginmalaysia AT wanhussinwannordin effectsofownersparticipationandlockuponipounderpricinginmalaysia |