Price Behavior Around Earnings Announcement Of Newly Listed Shares
Oversubcription for new equity issues has become a common phenomena in the Malaysian capital market. The strong public support to these new equity issues is mainly due to the high expected return predicted by the investors. Studies conducted on Malaysian capital market and those in other countrie...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Asian Academy of Management (AAM)
1996
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| Subjects: | |
| Online Access: | http://eprints.usm.my/35310/1/1-2-4.pdf http://eprints.usm.my/35310/ http://web.usm.my/aamj/1.2.1996/1-2-4.pdf |
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| Institution: | Universiti Sains Malaysia |
| Language: | English |
| Summary: | Oversubcription for new equity issues has become a common phenomena in the Malaysian
capital market. The strong public support to these new equity issues is mainly due to the
high expected return predicted by the investors. Studies conducted on Malaysian capital
market and those in other countries have shown that investors would most likely make
excess returns on their investments not just on the initial listing but also thereafter. In the
local scene, Ku Ismail, Abidin and Zainuddin (1993) finds that excess returns ranged from
19.74% (for hotel) to 125% (for industrial and commercial). |
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