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The effect of underwriter’s market share, spread and management earnings forecasts bias and accuracy on underpricing of Malaysian IPOs
Published 2016“…For the investors, findings may improve their understanding of equity valuation and for the underwriters, it would assist them in identifying underwriting cost.Originality/value – This paper is considered the first study to extend IPO literature by investigating the relationships between underwriter’s market share, underwriter’s spread, earnings forecasts bias, earnings forecasts accuracy and IPO underpricing in an emerging country, such as Malaysia.…”
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2
Supply Chain Strategy in Initial Public Offering in Malaysia: A Review of Long-run Share Price Performance
Published 2019“…The review on previous studies was divided into the followings: underwriter reputation, earnings management, and board variables .The paper found that there was a noticeable poor long-run performance, and Malaysian IPOs were lesser than others from developed nations. …”
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3
Lockup expiration and share price effect in Malaysian IPOs
Published 2015“…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 indicates a significant negative abnormal return at the expiration of the lockup period. …”
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4
Share price and trading volume reactions to lockup expiration in Malaysian IPOs
Published 2016“…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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5
IPO Lockup Expiry, Market Reaction and Regulatory Change in Malaysian Market
Published 2017“…IPO lockup in Malaysia is mandatory as opposed to voluntary where it is negotiated between IPO firm and its underwriter. Using the market model and market adjusted return model of event study method, the result shows a significant negative abnormal return at the expiration of the lockup period. …”
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6
IPO Lockup Expiration and Share Price Effect in Malaysian Market
Published 2016“…The sample consists of 292 IPOs listed on Bursa Malaysia between May 2003 and December 2012.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. …”
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7
The Effect of Share Price and Regulatory Change at Lockup Expiration in Malaysian IPOS
Published 2016“…Lockup in Malaysia is mandatory where it is regulated by the Securities Commissions compared to voluntary lockup where it is negotiated between IPO firms and their underwriters. Using the market model event study method, the result shows a significant negative abnormal return at the expiration of the lockup period. …”
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Conference or Workshop Item