The tender system - reduces underpricing and increases market efficiency

This report presents the empirical findings on the efficacy of the dual-tranche system of share flotation and/or the newly introduced "when-issued" market in increasing the proceed from new issues, reducing underpricing and improving market efficiency in Singapore. Results showed that i...

Full description

Saved in:

Bibliographic Details
Main Authors:	How, Hee Teck, Ng, Ngee Cheng, Poh, Lee Lee
Other Authors:	Kwok Chi Hing, Branson
Format:	Final Year Project
Language:	English
Published:	2015
Subjects:	DRNTU::Business::Finance
Online Access:	http://hdl.handle.net/10356/63933
Tags:	Add Tag No Tags, Be the first to tag this record!
Institution:	Nanyang Technological University
Language:	English

id	sg-ntu-dr.10356-63933
record_format	dspace
spelling	sg-ntu-dr.10356-639332023-05-19T06:09:01Z The tender system - reduces underpricing and increases market efficiency How, Hee Teck Ng, Ngee Cheng Poh, Lee Lee Kwok Chi Hing, Branson Nanyang Business School DRNTU::Business::Finance This report presents the empirical findings on the efficacy of the dual-tranche system of share flotation and/or the newly introduced "when-issued" market in increasing the proceed from new issues, reducing underpricing and improving market efficiency in Singapore. Results showed that issuers indeed raised reasonably more money on a per share basis and underpricing was reduced in the tender tranche as a consequence. Tests for market efficiency indicated that the weighted-bids does not provide significant insight into an issue's probable short-run equilibrium price while "when-issued" trading has helped to improve market efficiency. BUSINESS 2015-05-20T06:40:56Z 2015-05-20T06:40:56Z 1994 1994 Final Year Project (FYP) http://hdl.handle.net/10356/63933 en Nanyang Technological University 56 p. application/pdf
institution	Nanyang Technological University
building	NTU Library
continent	Asia
country	Singapore Singapore
content_provider	NTU Library
collection	DR-NTU
language	English
topic	DRNTU::Business::Finance
spellingShingle	DRNTU::Business::Finance How, Hee Teck Ng, Ngee Cheng Poh, Lee Lee The tender system - reduces underpricing and increases market efficiency
description	This report presents the empirical findings on the efficacy of the dual-tranche system of share flotation and/or the newly introduced "when-issued" market in increasing the proceed from new issues, reducing underpricing and improving market efficiency in Singapore. Results showed that issuers indeed raised reasonably more money on a per share basis and underpricing was reduced in the tender tranche as a consequence. Tests for market efficiency indicated that the weighted-bids does not provide significant insight into an issue's probable short-run equilibrium price while "when-issued" trading has helped to improve market efficiency.
author2	Kwok Chi Hing, Branson
author_facet	Kwok Chi Hing, Branson How, Hee Teck Ng, Ngee Cheng Poh, Lee Lee
format	Final Year Project
author	How, Hee Teck Ng, Ngee Cheng Poh, Lee Lee
author_sort	How, Hee Teck
title	The tender system - reduces underpricing and increases market efficiency
title_short	The tender system - reduces underpricing and increases market efficiency
title_full	The tender system - reduces underpricing and increases market efficiency
title_fullStr	The tender system - reduces underpricing and increases market efficiency
title_full_unstemmed	The tender system - reduces underpricing and increases market efficiency
title_sort	tender system - reduces underpricing and increases market efficiency
publishDate	2015
url	http://hdl.handle.net/10356/63933
_version_	1770566421386887168

The tender system - reduces underpricing and increases market efficiency

Similar Items