An Empirical Examination of IPO Underpricing in Hong Kong and Singapore
(2009)Department of Business Administration
- Abstract
- The objective of this thesis is to investigate the main determinants of IPO underpricing for firms listed in Hong Kong and Singapore from 2004 to 2008. Data collected from the
Datastream and Reuters, together with the information disclosure in both stock exchanges is used to examine the significance of different variables in order to explain the
IPO underpricing level. We find that operating margin, financial leverage, firm size, IPO offer size and overallotment option exercised, to some extent, influence the IPO underpricing for both markets. Based on the regressions, we could conclude that the difference between the levels of IPO underpricing in Hong Kong and Singapore can be explained by the financial leverage and firm size. Firm size... (More) - The objective of this thesis is to investigate the main determinants of IPO underpricing for firms listed in Hong Kong and Singapore from 2004 to 2008. Data collected from the
Datastream and Reuters, together with the information disclosure in both stock exchanges is used to examine the significance of different variables in order to explain the
IPO underpricing level. We find that operating margin, financial leverage, firm size, IPO offer size and overallotment option exercised, to some extent, influence the IPO underpricing for both markets. Based on the regressions, we could conclude that the difference between the levels of IPO underpricing in Hong Kong and Singapore can be explained by the financial leverage and firm size. Firm size is the primary determinant as
compared to financial leverage. (Less)
Please use this url to cite or link to this publication:
http://lup.lub.lu.se/student-papers/record/1437691
- author
- Chen, Yuhong ; Li, Yingxia and Loh, Stephanie Ling Li
- supervisor
- organization
- year
- 2009
- type
- H1 - Master's Degree (One Year)
- subject
- keywords
- IPO underpricing, Hong Kong, Singapore, Management of enterprises, Företagsledning, management
- language
- Swedish
- id
- 1437691
- date added to LUP
- 2009-06-03 00:00:00
- date last changed
- 2012-04-02 17:24:28
@misc{1437691, abstract = {{The objective of this thesis is to investigate the main determinants of IPO underpricing for firms listed in Hong Kong and Singapore from 2004 to 2008. Data collected from the Datastream and Reuters, together with the information disclosure in both stock exchanges is used to examine the significance of different variables in order to explain the IPO underpricing level. We find that operating margin, financial leverage, firm size, IPO offer size and overallotment option exercised, to some extent, influence the IPO underpricing for both markets. Based on the regressions, we could conclude that the difference between the levels of IPO underpricing in Hong Kong and Singapore can be explained by the financial leverage and firm size. Firm size is the primary determinant as compared to financial leverage.}}, author = {{Chen, Yuhong and Li, Yingxia and Loh, Stephanie Ling Li}}, language = {{swe}}, note = {{Student Paper}}, title = {{An Empirical Examination of IPO Underpricing in Hong Kong and Singapore}}, year = {{2009}}, }