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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 VerhoevenWe 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 JournalISSN
0927-538XPublisher
ElsevierExternal DOI
Issue
3Volume
15Page range
292-314Department affiliated with
- Business and Management Publications
Full text available
- No
Peer reviewed?
- Yes
Legacy Posted Date
2014-12-15Usage metrics
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