文章基本信息

标题：Does Growth Opportunity Matter in Explaining the Oversubscription Phenomena of Malaysian IPO?
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作者：Ahmad Hakimi Tajuddin ; Ahmad Hakimi Tajuddin ; Nur Adiana Hiau Abdullah 等
期刊名称：Procedia - Social and Behavioral Sciences
印刷版ISSN：1877-0428
出版年度：2016
卷号：219
页码：748-754
DOI：10.1016/j.sbspro.2016.05.069
语种：English
出版社：Elsevier
摘要：AbstractThe oversubscription ratio of IPO prior to listing is an anomaly in countries that employed fixed price mechanism. According to the signaling theory argument, IPOs of good quality attract subscription from investors. An analysis was made to observe whether IPOs with growth opportunity (good quality) account for oversubscription. Using multivariate regression, it is found that there is a significant negative relationship between growth opportunity and oversubscription ratio. A significant negative coefficient of growth opportunity suggests that companies with high growth opportunity tend to have low risks and are not overly subscribed by investors as they provide low initial returns.
关键词：Oversubscription;growth;signaling;IPOs;size;leverage;institutional investors;initial returns