Tapa, Afiruddin and Mazlan, Ahmad Rizal (2013) Operating performance of Malaysian initial public offerings. In: 2nd International Conference on Management, Economics and Finance (2nd ICMEF 2013), 28 -29 Oktober 2013, Novotel 1Borneo, Kota Kinabalu, Sabah, Malaysia.
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Abstract
This paper examines the operating performance of Malaysian Initial Public Offerings. Overall, we find that the operating performance declines after being listed in stock market. The listing causes a decline in profitability, sales growth and efficiency, and shows significant increase for leverage and sales volume. We then explore the relationship between IPOs’ underpricing and post-issue operating performance and find the underpricing is insignificant in explaining the post-issue operating performance. Using a crosssectional analysis, we examine the relation between post-issue performance and the long-run market returns of Malaysian IPOs. The results show that investors evaluate the fundamentals of the firms by studying the accounting measures when they make their investment decisions.
Item Type: | Conference or Workshop Item (Paper) |
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Additional Information: | ISBN: 978-967-5705-12-0 |
Uncontrolled Keywords: | Initial public offerings, operating performance, underpricing and long-run performance. |
Subjects: | H Social Sciences > HG Finance |
Divisions: | School of Economics, Finance & Banking |
Depositing User: | Mr. Afiruddin Tapa |
Date Deposited: | 21 Oct 2014 07:03 |
Last Modified: | 19 Apr 2016 03:20 |
URI: | https://repo.uum.edu.my/id/eprint/12265 |
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