Lockup expiration and share price effect in Malaysian IPOs by Mohamed Arshad, Shamsul Bahrain, Taufil Mohd, Kamarun Nisham, Ahmad Zaluki, Nurwati Ashikkin, Abdullah, Fikriyah

“…Thus, the study provides evidence that contradicts the semi-strong form of the Efficient Market Hypothesis (EMH). According to EMH, the expiration of the lockup period which is public knowledge should not be accompanied with a significant abnormal return…”
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Share price and trading volume reactions to lockup expiration in Malaysian IPOs by Mohamed Arshad, Shamsul Bahrain, Taufil Mohd, Kamarun Nisham, Ahmad Zaluki, Nurwati Ashikkin

“…This paper examines the market reaction at the expiration of initial public offering (IPO) lockup on share prices and trading volume.The sample consists of 292 IPOs listed on Bursa Malaysia between May 2003 and December 2012.IPO lockup in Malaysia is mandatory as opposed to voluntary where it is negotiated between firms and underwriters.Using the market model event study method, the result shows a significant negative abnormal return at the expiration of the lockup period.Thus, the study provides evidence that contradicts the semi-strong form of the efficient market hypothesis (EMH).According to EMH, the expiration of the lockup period which is public knowledge should not be accompanied with a significant abnormal return.In addition, the study also shows the existence of higher abnormal trading volume at lockup expiration.…”
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The Effect of Share Price and Regulatory Change at Lockup Expiration in Malaysian IPOS by Mohamed Arshad, Shamsul Bahrain, Taufil Mohd, Kamarun Nisham, Ahmad Zaluki, Nurwati Ashikkin

“…Thus, the study provides evidence that contradicts the semi-strong form of the Efficient Market Hypothesis (EMH). According to EMH, the expiration of the lockup period which is piblic knowledge should not be accompanied with a significant abnormal return. …”
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IPO Lockup Expiry, Market Reaction and Regulatory Change in Malaysian Market by Mohamed Arshad, Shamsul Bahrain, Taufil Mohd, Kamarun Nisham, Ahmad Zaluki, Nurwati Ashikkin

“…Hence, the study provides evidence of contradicting the semistrong form of the Efficient Market Hypothesis (EMH). According to EMH, the expiration of the lockup period which is public knowledge should not be accompanied with a significant abnormal return. …”
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IPO Lockup Expiration and Share Price Effect in Malaysian Market by Mohamed Arshad, Shamsul Bahrain, Taufil Mohd, Kamarun Nisham, Ahmad Zaluki, Nurwati Ashikkin

“…Thus, the study provides evidence that contradicts the semi-strong form of the Efficient Market Hypothesis (EMH). According to EMH, the expiration of the lockup period which is public knowledge should not be accompanied with a significant abnormal return. …”
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Investor's Attentiveness, Price Impact and Regulatory Change at Lockup Expiry by Mohamed Arshad, Shamsul Bahrain, Taufil Mohd, Kamarun Nisham, Ahmad Zaluki, Nurwati Ashikkin

“…Therefore, the study provides contradicting evidence of the semi-strong from of efficient market hypothesis. On the other hand, lockup regulatory changes do not have an impact in reducing the negative abnormal returns at its expiration period.…”
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Investors’ Attentiveness, Price Impact and Regulatory Change at Lockup Expiry by Mohamed Arshad, Shamsul Bahrain, Taufil Mohd, Kamarun Nisham, Ahmad Zaluki, Nurwati Ashikkin

“…Therefore, the study provides contradicting evidence of the semi-strong from of efficient market hypothesis. On the other hand, lockup regulatory changes do not have an impact in reducing the negative abnormal returns at its expiration period…”
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