Are government-linked IPOs underpriced? A three country privatization effort comparison |
| |
Authors: | Mohamed Ariff Dev Prasad George S Vozikis |
| |
Institution: | (1) Faculty of Business and Law, Deakin University, Australia, 221 Burwood Highway, Burwood, Victoria, 3125, Australia;(2) College of Management, University of Massachusetts Lowell, 1 University Avenue, Lowell, MA 01854, USA;(3) Edward Reighard Chair of Management, Department of Management, Craig School of Business, California State University, Fresno, 5245 N. Backer, M/S PB7, Fresno, CA 93740-8001, USA |
| |
Abstract: | Underpricing in the case of the initial public offerings of private (non-government) firms has been well documented. However,
there does not appear to be any systematic study of the price performance of “government-linked” companies or GLCs, which
have been “privatized” through public offerings in the stock market. This study examines the hypothesis that the initial public
offerings (IPOs) of such companies in the United Kingdom, Singapore, and Malaysia will not only be underpriced, but their
degree of underpricing will be relatively greater when compared to firms with no governmental links. The results provide strong
support for this hypothesis. |
| |
Keywords: | IPOs Government policy International small business Government-linked companies Stock market |
本文献已被 SpringerLink 等数据库收录! |
|