Incredible Returns of Malaysian Initial Public Offerings. Winning a Lottery versus Leaving Too Much Money on the Table

      Аннотация: It was a common perception among the investing public in Malaysia, especially during the 1980’s and the first half of 1990’s, that getting a new issue (or IPO) is like winning a lottery due to its “incredible” return. However, to the company that issues the IPO, it is a great loss; money that should have gone to the company ends up instead, in the pockets of the successful subscribers of the new issue. “Money left on the table” is the phrase used in finance literature to describe the cost associated with the loss suffered by the IPO issuer due to the new issue being under-priced. This book is about performance of Malaysian IPOs in the last two and a half decades from January 1990 to as recently as December 2016. It also deals with issues relevant to IPO research in general, either in the developed markets in the West or the developing markets in Asia, especially Malaysia. The book is intended for both the investing public and the academicians. As such, the book will be beneficial to those who are interested in investing in IPOs and those who want to do research on IPOs.

Ключевые слова: Emerging market, Initial public offerings, IPOs, Malaysian IPOs, Under-pricing of IPOs, Initial Returns of IPOs, Capital Market, stock market, new issues, incredible returns of IPOs