Impact of Risk Disclosure in the Prospectus on Valuation and Initial Returns of Initial Public Offerings in Malaysia
Drawing upon risk-return and signaling literature, this paper tests the relationship between Initial Public Offering (IPO) risk disclosed in the prospectus and its offer price and initial market returns. Based on 210 samples of IPOs offered in Malaysian stock market during the period 1999-2004, weig...
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Published in | The ICFAI journal of applied finance Vol. 16; no. 6; p. 30 |
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Main Authors | , |
Format | Journal Article |
Language | English |
Published |
Hyderabad
IUP Publications
01.10.2010
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Subjects | |
Online Access | Get full text |
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Abstract | Drawing upon risk-return and signaling literature, this paper tests the relationship between Initial Public Offering (IPO) risk disclosed in the prospectus and its offer price and initial market returns. Based on 210 samples of IPOs offered in Malaysian stock market during the period 1999-2004, weighted least-square regression analysis (book value of the company after the IPO as weight) has been applied. The results indicate that the prospectus does provide risk information that reflects offer price and initial market returns. [PUBLICATION ABSTRACT] |
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AbstractList | Drawing upon risk-return and signaling literature, this paper tests the relationship between Initial Public Offering (IPO) risk disclosed in the prospectus and its offer price and initial market returns. Based on 210 samples of IPOs offered in Malaysian stock market during the period 1999-2004, weighted least-square regression analysis (book value of the company after the IPO as weight) has been applied. The results indicate that the prospectus does provide risk information that reflects offer price and initial market returns. [PUBLICATION ABSTRACT] |
Author | Murugesu, John Santhapparaj, A Solucis |
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SubjectTerms | Asymmetry Capital assets Capital markets Disclosure Equity Impact analysis Initial public offerings Investment policy Investments Market prices Rates of return Regression analysis Risk aversion Risk exposure Risk management Stockholders Studies Valuation |
Title | Impact of Risk Disclosure in the Prospectus on Valuation and Initial Returns of Initial Public Offerings in Malaysia |
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