Darjah terkurang harga, aktiviti penjualan semula dan tahap kecairan selepas pasaran saham TAA

Translated title of the contribution: Underpricing, flipping activity and aftermarket liquidity of IPOs

Research output: Contribution to journalArticle

5 Citations (Scopus)

Abstract

Empirical researches as well as liquidity theory suggest that underpricing improves after market liquidity of IPOs. A few other studies meanwhile show that in the secondary market, the relationship is mediated by ownership dispersion. However, the present study is more interested in a proposition that states that the correlation between underpricing and the liquidity of IPOs shares in the secondary market is higher for an IPO market that has many flippers. Built on this proposition, this study uses data of IPOs listed on Bursa Malaysia from June 2003 to December 2008 to examine the role played by flipping activity as a mediator to the relationship between underpricing and aftermarket liquidity of IPOs. The results of the multiple regression analyses confirm that flipping activity serves as a mediator, at least partially, in the relationship.

Original languageUndefined/Unknown
Pages (from-to)29-43
Number of pages15
JournalJurnal Pengurusan
Volume34
Publication statusPublished - Jun 2012

Fingerprint

Underpricing
Aftermarket
Liquidity
Mediator
Secondary market
Ownership
Multiple regression
Empirical research
Malaysia
Market liquidity

ASJC Scopus subject areas

  • Business, Management and Accounting (miscellaneous)
  • Accounting
  • Business and International Management

Cite this

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title = "Darjah terkurang harga, aktiviti penjualan semula dan tahap kecairan selepas pasaran saham TAA",
abstract = "Empirical researches as well as liquidity theory suggest that underpricing improves after market liquidity of IPOs. A few other studies meanwhile show that in the secondary market, the relationship is mediated by ownership dispersion. However, the present study is more interested in a proposition that states that the correlation between underpricing and the liquidity of IPOs shares in the secondary market is higher for an IPO market that has many flippers. Built on this proposition, this study uses data of IPOs listed on Bursa Malaysia from June 2003 to December 2008 to examine the role played by flipping activity as a mediator to the relationship between underpricing and aftermarket liquidity of IPOs. The results of the multiple regression analyses confirm that flipping activity serves as a mediator, at least partially, in the relationship.",
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AU - Abdul Rahim, Ruzita

AU - Yong, Othman

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AB - Empirical researches as well as liquidity theory suggest that underpricing improves after market liquidity of IPOs. A few other studies meanwhile show that in the secondary market, the relationship is mediated by ownership dispersion. However, the present study is more interested in a proposition that states that the correlation between underpricing and the liquidity of IPOs shares in the secondary market is higher for an IPO market that has many flippers. Built on this proposition, this study uses data of IPOs listed on Bursa Malaysia from June 2003 to December 2008 to examine the role played by flipping activity as a mediator to the relationship between underpricing and aftermarket liquidity of IPOs. The results of the multiple regression analyses confirm that flipping activity serves as a mediator, at least partially, in the relationship.

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