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Performance of Malaysian IPOs: underwriters reputation and management earnings forecasts
journal contribution
posted on 2023-06-08, 19:16 authored by Ranko JelicRanko Jelic, Brahim Saadouni, Richard BristonThis paper examines the financial performance of Malaysian initial public offerings (IPOs) during the period 1980-1995. The major focus of the study is on the role of management earnings forecasts and underwriters in the valuation of IPOs. The results suggest extremely high and statistically significant initial premiums and positive and statistically significant long-term returns up to 3 years after listing. The findings for long-term returns contradict the consensus of the IPO literature that documents a significant negative long-term performance. Our results indicate a negative association of upward bias in management earnings forecasts with IPOs' performance during the first 12 months after the IPOs. © 2001 Elsevier Science B.V.
History
Publication status
- Published
Journal
Pacific Basin Finance JournalISSN
0927-538XPublisher
ElsevierExternal DOI
Issue
5Volume
9Page range
457-486Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2014-12-15Usage metrics
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