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The Long Run Share Price Performance of Malaysian Initial Public Offerings (IPOs)

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  • Nurwati A. Ahmad-Zaluki
  • Kevin Campbell
  • Alan Goodacre

Abstract

This paper investigates the long run share price performance of 454 Malaysian IPOs during the period 1990 to 2000. In contrast with developed markets, significant "over"performance is found for equally-weighted event time CARs and buy-and-hold returns using two market benchmarks, though not for value-weighted returns or using a matched company benchmark. The significant abnormal performance also disappears under the calendar-time approach using the Fama-French (1993) three factor model. While the long run performance of Main and Second Board IPOs does not differ, the year of listing, issue proceeds and initial returns are found to be performance-related. Copyright 2007 The Authors Journal compilation (c) 2007 Blackwell Publishing Ltd.

Suggested Citation

  • Nurwati A. Ahmad-Zaluki & Kevin Campbell & Alan Goodacre, 2007. "The Long Run Share Price Performance of Malaysian Initial Public Offerings (IPOs)," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 34(1-2), pages 78-110.
  • Handle: RePEc:bla:jbfnac:v:34:y:2007-01:i:1-2:p:78-110
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    References listed on IDEAS

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    1. Jenkinson, Tim & Ljungqvist, Alexander, 2001. "Going Public: The Theory and Evidence on How Companies Raise Equity Finance," OUP Catalogue, Oxford University Press, edition 2, number 9780198295990.
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    Cited by:

    1. Roslily Ramlee & Ruhani Ali, 2012. "Liquidity, Initial Public Offering (IPO) Long-Term Return and Government Ownership Evidence from Bursa Malaysia IPO Stocks," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 8(Supp. 1), pages 39-66.
    2. repec:eee:jocaae:v:9:y:2013:i:2:p:151-169 is not listed on IDEAS
    3. C. Hopp & A. Dreher, 2013. "Do differences in institutional and legal environments explain cross-country variations in IPO underpricing?," Applied Economics, Taylor & Francis Journals, vol. 45(4), pages 435-454, February.
    4. repec:taf:oaefxx:v:3:y:2015:i:1:p:1018697 is not listed on IDEAS
    5. Ruzita Abdul Rahim & Ros Zam Zam Sapian & Othman Yong & Noor Azryani Auzairy, 2013. "Flipping Activity and Subsequent Aftermarket Trading in Malaysian IPOs," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 9(1), pages 113-128.
    6. Pegah Dehghani & Ros Zam Zam Sapian, 2014. "Sectoral herding behavior in the aftermarket of Malaysian IPOs," Venture Capital, Taylor & Francis Journals, vol. 16(3), pages 227-246, July.
    7. Nurwati A. Ahmad-Zaluki & Wan Nordin Wan-Hussin, 2010. "Corporate governance and earnings forecasts accuracy," Asian Review of Accounting, Emerald Group Publishing, vol. 18(1), pages 50-67, May.
    8. Ahmad-Zaluki, Nurwati A. & Campbell, Kevin & Goodacre, Alan, 2011. "Earnings management in Malaysian IPOs: The East Asian crisis, ownership control, and post-IPO performance," The International Journal of Accounting, Elsevier, vol. 46(2), pages 111-137, June.
    9. Moshirian, Fariborz & Ng, David & Wu, Eliza, 2010. "Model specification and IPO performance: New insights from Asia," Research in International Business and Finance, Elsevier, vol. 24(1), pages 62-74, January.
    10. repec:pdc:jrnbeh:v:14:y:2018:i:1:p:152-167 is not listed on IDEAS

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