The long-run performance of initial public offerings in Thailand
AbstractThis paper analyses the long-run performance of initial public offerings (IPOs) on the Thai Stock Exchange. It uses a sample of 150 IPOs listed on the Thai Stock Exchange Main Board between 1985 and 1992. The initial return is 63.49%. The cumulative adjusted return at the end of the three-year anniversary is 10.02%. This result contrasts with those of most of the studies of long-run IPO performance in developed markets. This result, however, appears sensitive to outlying observations. Whilst there is no significant evidence that the IPOs underperform the market in the long run, removal of outliers from cross-sectional analysis suggest that Thai IPOs may underperform the market in the long run. Further research, including more recent data may help clarify this issue.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Taylor and Francis Journals in its journal Applied Financial Economics.
Volume (Year): 9 (1999)
Issue (Month): 3 ()
Contact details of provider:
Web page: http://www.tandf.co.uk/journals/routledge/09603107.html
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Andrew C. Worthington & Jirapun Chorruk, 2009. "The Pricing and Performance of IPOs for Small-and-medium-sized Enterprises: Emerging Market Evidence," Discussion Papers in Finance finance:200912, Griffith University, Department of Accounting, Finance and Economics.
- Carey, Peter & Steen, Adam, 2006. "Changing conditions in the Hong Kong new issues market," Pacific-Basin Finance Journal, Elsevier, vol. 14(5), pages 484-500, November.
- Andrew C. Worthington & Jirapun Chorruk, 2009.
"New Evidence on the Pricing and Performance of Initial Public Offerings in Thailand: 1997-2008,"
Discussion Papers in Finance
finance:200913, Griffith University, Department of Accounting, Finance and Economics.
- Chorruk, Jirapun & Worthington, Andrew C., 2010. "New evidence on the pricing and performance of initial public offerings in Thailand, 1997-2008," Emerging Markets Review, Elsevier, vol. 11(3), pages 285-299, September.
- Subadar Agathee, Ushad & Brooks, Chris & Sannassee, Raja Vinesh, 2012. "Hot and cold IPO markets: The case of the Stock Exchange of Mauritius," Journal of Multinational Financial Management, Elsevier, vol. 22(4), pages 168-192.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Michael McNulty).
If references are entirely missing, you can add them using this form.