Management of the IPO performance in Thailand

Published date
2013
Resource type
Publisher
ISBN
ISSN
DOI
Call no.
Other identifier(s)
Edition
Copyrighted date
Language
eng
File type
application/pdf
Extent
13 pages
Other title(s)
Advisor
Other Contributor(s)
Citation
Journal of Multinational Financial Management 23, 4 (October 2013), 272-284
Degree name
Degree level
Degree discipline
Degree department
Degree grantor
Abstract
This research aims to explore the relationships between six major IPO elements in Thailand: underwriter reputation, ownership concentration, book-building, IPO allocation, the length of the lock up period, and investor interest and underpricing. The sample comprises 153 IPOs listed between 2001 and 2011. Cross-sectional analysis reveals that IPO allocation appears to be the strongest factor with a negative relation to underpricing. The length of the lock up period, issue size, industry, and hot issue market show significant and positive relationships with underpricing. Underwriter reputation is not associated with underpricing as the choice of underwriter is restricted by the Thai regulator's requirements. Book-building does not explain underpricing. Institutional investors play very limited roles in Thai IPOs. A small change in ownership concentration does not affect underpricing. Nevertheless, a longer lock up period can yield a higher initial return. Such a provision can restrain insider dealing.
Table of contents
Description
punsarn.dc.description.sponsorship
Spatial Coverage
Subject(s)
Rights
Access rights
Rights holder(s)
Location
View External Resources
Collections