The pricing of initial public offering and market efficiency

• Main Author: CHIRAPHOL, Chiyachantana N.
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2021
• Subjects: Initial Public Offerings; Long-run Underperformance; Market Efficiency; Stock Exchange of Thailand; Asian Studies; Finance and Financial Management; Portfolio and Security Analysis
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/6783; https://ink.library.smu.edu.sg/context/lkcsb_research/article/7782/viewcontent/Chiraphol_N._Chiyachantana_REF.pdf
• Institution: Singapore Management University

This study investigates long-run performance of Thai initial public offerings (IPOs). To examine the longrun performance of Thai IPOs, we compute buy-and-hold abnormal returns and cumulative abnormal returns for two years after the IPOs. We find strong evidence of long run underpricing in Thai marke...