文章基本信息

标题：Winner’s Curse and IPO Initial Performance: New Evidence From Malaysia
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作者：Ruzita Abdul Rahim ; Nor Azizan Che Embi ; Othman Yong 等
期刊名称：International Journal of Business and Management Studies
电子版ISSN：1309-8047
出版年度：2012
卷号：4
期号：2
出版社：Social Sciences Research Society
摘要：This study examines the winner’s curse hypothesis in a sample of 384 IPOs listed on Bursa Malaysia from 1999 to 2008. We use two alternative measures to test winner’s curse; allocation rate (ALLOCTj) measures the probability of getting the allocation while private placement (DPRIVATE) measures the institutional investor involvement in the IPOs. The coefficient of both ALLOCTj and DPRIVATE are significantly negative consistent with winner’s curse hypothesis. Investors are more likely to get (win) most of their subscription if the IPOs are overpriced. Similarly, investors identify the issues that do not involve institutional investors as risky and overpriced. Issuers/underwriters proactively respond by deliberately underpricing the IPOs to allure the uninformed investors into the market.
关键词：Winner’s curse; Allocation rate; Private Placement; Initial Public;Offerings; Malaysian IPO market