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dc.contributor.authorChorruk, Jirapun
dc.contributor.authorWorthington, Andrew C
dc.date.accessioned2017-05-03T14:52:46Z
dc.date.available2017-05-03T14:52:46Z
dc.date.issued2010
dc.date.modified2011-07-18T06:29:18Z
dc.identifier.issn1566-0141
dc.identifier.doi10.1016/j.ememar.2010.04.001
dc.identifier.urihttp://hdl.handle.net/10072/37844
dc.description.abstractThis paper examines the pricing and performance of initial public offerings (IPOs) on the Stock Exchange of Thailand (SET) from 1997 to 2008. Underpricing is calculated using headline underpricing and underpricing issuer loss, loss by market value, and loss by issuer price. The results show underpricing of 17.60%, 5.01%, 6.94%, 6.68% and 16.10%, respectively. This is significantly lower underpricing than documented in Thailand before the 1997 Asian financial crisis. Post-listing performance is assessed using monthly cumulative abnormal returns, buy-and-hold returns, and wealth relatives. The findings show that Thai IPOs generally outperform market benchmarks up to 24 months and underperform thereafter.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.format.extent245187 bytes
dc.format.mimetypeapplication/pdf
dc.languageEnglish
dc.language.isoen_AU
dc.publisherElsevier
dc.publisher.placeNetherlands
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom285
dc.relation.ispartofpageto299
dc.relation.ispartofissue3
dc.relation.ispartofjournalEmerging Markets Review
dc.relation.ispartofvolume11
dc.rights.retentionY
dc.subject.fieldofresearchApplied Economics not elsewhere classified
dc.subject.fieldofresearchApplied Economics
dc.subject.fieldofresearchcode140299
dc.subject.fieldofresearchcode1402
dc.titleNew evidence on the pricing and performance of initial public offerings in Thailand, 1997–2008
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.rights.copyright© 2010 Elsevier B.V. This is the author-manuscript version of this paper. Reproduced in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
gro.date.issued2010
gro.hasfulltextFull Text
gro.griffith.authorWorthington, Andrew C.


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