Model specification and IPO performance: New insights from Asia

This study examines the post-issue stock price performance of initial public offerings (IPOs) from advanced and emerging Asian markets from 1991 to 2004. We provide a comparative assessment on the short- and long-term stock performance of Asian IPOs with comprehensive international evidence. We use...

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Bibliographic Details
Published in:Research in international business and finance 2010, Vol.24 (1), p.62-74
Main Authors: Moshirian, Fariborz, Ng, David, Wu, Eliza
Format: Article
Language:English
Subjects:
Initial public offerings
Initial public offerings Initial returns Long-term performance
Initial returns
Long-term performance
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Summary:This study examines the post-issue stock price performance of initial public offerings (IPOs) from advanced and emerging Asian markets from 1991 to 2004. We provide a comparative assessment on the short- and long-term stock performance of Asian IPOs with comprehensive international evidence. We use several different methods to examine the robustness of IPO performance. Our results reveal that whilst there is initial underpricing in Asian IPOs, the existence of long-run underperformance for the Asian IPOs depends resoundingly on the methodology used for assessment.
ISSN:0275-5319
1878-3384
DOI:10.1016/j.ribaf.2009.01.003