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The effects of owners' participation and lockup on IPO underpricing in Malaysia


Wan Hussin, Wan Nordin (2005) The effects of owners' participation and lockup on IPO underpricing in Malaysia. Asian Academy of Management Journal, 1 (10). pp. 19-36. ISSN 1394-2603

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Abstract

Recent theories of initial public offering (IPO undelpricing depart from the traditional asymmetric information models. Two recent IPO underpricing models are Habib and Ljungqvist (2001) and Brav and Gompers (2003). TheMalaysian IPO market,characterised by high incidence of secondary ogerings and IPO lockup commitments,provides a fertile ground to test the newer theories of IPO underpricing.Examining IPOs between August 1996 and June 2000 in Bursa Malaysia, the evidence lends support to the theoretical predictions that IPO underpricing is negatively related to owners' participation ratio and positively associated with the fraction of directors' shares which is subject to liquidity restrictions.

Item Type: Article
Uncontrolled Keywords: initial public offering (IPO), underpricing, lockup, Malaysia
Subjects: H Social Sciences > HG Finance
Divisions: College of Business
Depositing User: Prof. Dr. Wan Nordin Wan Hussin
Date Deposited: 14 Aug 2011 03:46
Last Modified: 19 Mar 2012 23:51
URI: http://repo.uum.edu.my/id/eprint/3580

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