Comparison of IPOs in SES main board and SESDAQ
In recent months, there has been an increasing interest in the capital markets. We have seen new share issues being heavily oversubscribed and the secondary market is also doing very well for both the SES Main Board and SESDAQ. At present, the SESDAQ is almost seven years old and can be considere...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/62992 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | In recent months, there has been an increasing interest in the capital markets. We have
seen new share issues being heavily oversubscribed and the secondary market is also doing
very well for both the SES Main Board and SESDAQ.
At present, the SESDAQ is almost seven years old and can be considered rather matured.
A study was done by Francis Koh, Loke Miew Cheng, Phoon Kok Fai and Joseph Lim on
the Second Board in 1989 when it was in an early stage of development. The study was
limited by the amount of data available for evaluation since SESDAQ was less than two
years old then. We would hope to provide an extension to the earlier analysis.
Furthermore, the perception regarding SESDAQ stocks as compared to those of the Main
Board is still inferior. By assessing the risk and return characteristics of the two boards,
we would like to provide an understanding on this issue through empirical evidence.
From our results, SESDAQ IPOs have generally underperformed Main Board new issues
in terms of share premium. Nevertheless, IPOs in both SESDAQ and Main board is found
to be underpriced. |
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