Show simple item record

dc.contributor.authorChorruk, J
dc.contributor.authorWorthington, AC
dc.contributor.editorAndrew C. Worthington
dc.date.accessioned2017-12-08T02:00:26Z
dc.date.available2017-12-08T02:00:26Z
dc.date.issued2014
dc.identifier.isbn9781634631112
dc.identifier.urihttp://hdl.handle.net/10072/66962
dc.description.abstractThis chapter examines the pricing and performance of initial public offerings (IPOs) in the Stock Exchange of Thailand (SET) from February 1997 to October 2008. Underpricing is calculated using headline underpricing, underpricing issuer loss, underpricing loss by market value, and underpricing loss by issuer price. The results show that average underpricing of 17.60%, 5.01%, 6.94%, 6.68%, and 16.10%, respectively. This is a significantly lower level of underpricing than previously documented in Thailand before the 1997 Asian financial crisis. We assess postlisting performance using monthly cumulative abnormal returns, buy-and-hold returns, and wealth relatives. These findings indicate that Thai IPOs generally outperform market benchmarks up to 24 months and underperform thereafter up to 36 months. However, there is much variation in long-run performance among industries. For example, multiple regression analysis shows that IPOs in the financial services industry perform relatively better in the longer run.
dc.description.peerreviewedYes
dc.description.publicationstatusYes
dc.languageEnglish
dc.language.isoeng
dc.publisherNova Publishing
dc.publisher.placeUnited States
dc.publisher.urihttps://novapublishers.com/shop/economic-and-financial-modeling-of-markets-institutions-and-instruments/
dc.relation.ispartofbooktitleEconomic and Financial Modelling of Markets, Institutions and Instruments
dc.relation.ispartofchapter2
dc.relation.ispartofstudentpublicationN
dc.relation.ispartofpagefrom9
dc.relation.ispartofpageto28
dc.rights.retentionY
dc.subject.fieldofresearchFinance
dc.subject.fieldofresearchcode350202
dc.titleModelling the pricing of initial public offerings
dc.typeBook chapter
dc.type.descriptionB1 - Chapters
dc.type.codeB - Book Chapters
gro.hasfulltextNo Full Text
gro.griffith.authorWorthington, Andrew C.


Files in this item

FilesSizeFormatView

There are no files associated with this item.

This item appears in the following Collection(s)

  • Book chapters
    Contains book chapters authored by Griffith authors.

Show simple item record