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The long-run performance of initial public offerings in Thailand

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  • D. E. Allen
  • N. J. Morkel-Kingsbury
  • W. Piboonthanakiat

Abstract

This 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.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Financial Economics.

Volume (Year): 9 (1999)
Issue (Month): 3 ()
Pages: 215-232

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Handle: RePEc:taf:apfiec:v:9:y:1999:i:3:p:215-232

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Cited by:
  1. 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.
  2. 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.
  3. 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.
  4. 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.

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