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Share allocations and performance of KLSE second board IPOs

journal contribution
posted on 2023-06-08, 19:16 authored by Janice How, Ranko JelicRanko Jelic, Brahim Saadouni, Peter Verhoeven
We analyze share allocations in the Malaysian IPO market, which provide a unique instrument of economic policy for wealth redistribution amongst different ethnic groups. For a sample of Second Board IPOs, we find that Bumiputera investors and the Malaysian public receive almost an equal allocation and make similar profits per issue. However, institutional Bumiputera investors are allocated a significantly smaller proportion of the most underpriced issues and a significantly higher proportion of overpriced issues. IPOs with a higher share allocation to retail Bumiputera investors perform best in both the short and long run. © 2006 Elsevier B.V. All rights reserved.

History

Publication status

  • Published

Journal

Pacific Basin Finance Journal

ISSN

0927-538X

Publisher

Elsevier

Issue

3

Volume

15

Page range

292-314

Department affiliated with

  • Business and Management Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2014-12-15

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