The effects of offering method and trading location on the pricing of IPOs in Singapore
The effects of offering method and trading location on the pricing of IPOs in Singapore
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发行方式和交易地点对新加坡IPO定价的影响
DOI：
10.1080/096031099332159
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发表时间：
1999
期刊：
影响因子：
--
通讯作者：
Andrew Khoo
中科院分区：
文献类型：
--
作者：
R. Tan;L. Eng;Andrew Khoo
在本研究中，我们考察了使用不同发行方法的效果，并从降低定价过低程度的意义上考察了拍卖制度是否是一种更好的ipo配给方式。初步调查结果显示，通过拍卖机制进行的ipo似乎存在更低的低定价。然而，这并没有得到横断面回归分析的证实。结果表明，只有认购率与低定价程度显著相关。其他变量如上市市场、发行时的市盈率和首日相对成交量与低定价没有显著相关。研究的第二部分比较了新加坡第二级股票市场新加坡证券交易所交易和自动报价系统（SESDAQ）上市的固定价格首次公开募股（ipo）与主板上市的固定价格ipo。SESDAQ ipo的发行时市盈率和认购率明显低于主板ipo。它们经市场调整后的初始回报率也较低，但并不明显。在上市后的时期，人们看到了一幅不同的画面。SESDAQ发行的回报明显高于主板发行。
In this study, we look at the effects of using different offering methods and examine whether the auction system is a better way of rationing IPOs in the sense of reducing the degree of underpricing. Preliminary findings show that IPOs offered via the auction system appear to have lower underpricing. However this is not confirmed by cross-sectional regression analysis. Results show that only the subscription rate is significantly associated with the degree of underpricing. The other variables such as the market of listing, the price earnings ratio at time of issue and the first day relative volume are not significantly related to the underpricing. The second part of the study compares fixed price initial public offerings (IPOs) listed on the Stock Exchange of Singapore Dealing and Automated Quotation System (SESDAQ), the second tier stock market in Singapore, with fixed price IPOs listed on the Main Board. The PE ratios at time of issue and subscription rates of SESDAQ IPOs are significantly lower than Main Board IPOs. Their initial market-adjusted returns are also lower but not significantly so. In the post-listing period, a different picture is seen. SESDAQ issues have significantly higher returns than Main Board IPOs.