Privatisation initial public offerings in Malaysia: Initial premium and long-term performance

摘要: Abstract This study addresses four major issues related to privatisation initial public offers (PIPOs) and other (IPOs) in Malaysia. First, an analysis of excess returns suggests that, on average, Malaysian IPOs are underpriced PIPOs offer significantly higher than IPOs. Second, regression based reveals that over-subscription, market volatility, proportion shares sold, underwriters reputation, ex ante risk together explain over three-quarters the variation offered by PIPOs. However, this model can only 10% 36% whole sample respectively. Third, secondary performance neither nor outperform/ underperform three years. Further with return while those low outperform. Finally, paper confirms underwritten reputed better long-term investments as compared less underwriters.