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Does ownership structure effect IPO underpricing: Evidence from Thai IPOs

By Sunder Venkatesh and Suman Neupane

Abstract

The study utilizes a unique set of IPOs data in Thailand post Asian Financial crises to identify the relationship between initial market adjusted underpricing and the ownership concentration. We find that a weak but a negative relationship exists between the two and therefore to certain extent refuting the signaling hypothesis of high ownership and high underpricing. We employ a rank correlation to identify the association between the two variables. A regression model using the widely used proxies of information asymmetry model fails to up hold the information asymmetry model in the context of Thai IPOs

Topics: Emerging markets, Information asymmetry model, Ownership concentration, Thailand, Underpricing, 1400 Business, Management and Accounting
Publisher: 'Virtus Interpress'
Year: 2005
DOI identifier: 10.22495/cocv3i2p11
OAI identifier: oai:espace.library.uq.edu.au:UQ:8c78bd1
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