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The Underpricing of Initial Public Offerings in the Philippines from 1987 to 1997

Author

Listed:
  • Michael J. Sullivan

    (University of Nevada, Las Vegas, Las Vegas, Nevada, USA)

  • Angelo A. Unite

    (DLSU Angelo King Institute for Economic and Business Studies, Philippines;
    De La Salle University — Manila, Philippines)

Abstract

In this paper we report returns for initial public offerings (IPOs) in the Philippines and investigate some characteristics found in other countries to affect returns, specifically offer size, firm age, and industry grouping. For a sample of 104 IPOs during the 11-year period 1987 through 1997, we find average initial returns of 22.69 percent. We do not find that offer size, firm age, or industry groupings affect IPO underpricing and conclude from our findings that underwriters who price Philippine IPOs face different regulatory policies, contractual mechanisms, market conditions than those present in other markets.

Suggested Citation

  • Michael J. Sullivan & Angelo A. Unite, 1999. "The Underpricing of Initial Public Offerings in the Philippines from 1987 to 1997," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 2(03), pages 285-300.
    • Handle: RePEc:wsi:rpbfmp:v:02:y:1999:i:03:n:s0219091599000163
    DOI: 10.1142/S0219091599000163
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    Cited by:

    1. Nibu Raj Abraham, 2015. "Underpricing in the Malaysian IPO Market During 2009-2014," Journal of Applied Management and Investments, Department of Business Administration and Corporate Security, International Humanitarian University, vol. 4(4), pages 194-200, November.

    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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