The aftermarket performance of initial public offerings

The aftermarket performance of initial public offerings

This paper examines the aftermarket performance of initial public offerings (IPOs) and explores the underpricing of IPOs in an Asian emerging equity market using a comprehensive sample of IPOs. Our findings suggest that there exist a significant underpricing. Specifically, new issues have been offer...

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Bibliographic Details
Main Authors: CHIRAPHOL, Chiyachantana N., PINTA, Theerawat, TAECHAPIROONTONG, Nareerat, WONGKHAM, Anantaporn
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2013
Subjects:
Initial Public Offerings
Underpricing
Aftermarket Performance
Market Efficiency
Asian Studies
Finance and Financial Management
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/6819
https://ink.library.smu.edu.sg/context/lkcsb_research/article/7818/viewcontent/SET_IPO_DescStat_IRJFE_Dec25_Final.pdf
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Institution: Singapore Management University
Language: English
Description
Summary:This paper examines the aftermarket performance of initial public offerings (IPOs) and explores the underpricing of IPOs in an Asian emerging equity market using a comprehensive sample of IPOs. Our findings suggest that there exist a significant underpricing. Specifically, new issues have been offered at an average market-adjusted discount of about 20%. The magnitude of IPO underpricing is significantly larger for large firms, older firms and firms with small offering size.

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