Firework Swirls PowerPoint Presentation
Initial returns of Malaysian IPOs and Shari'a-compliant
statusRuzita Abdul Rahim Othman YongHani Kalsom binti
Hashim1PURPOSE OF STUDYThere are two purposes of this study:
Investigate the initial return patterns of Malaysian initial
public offerings (IPOs)
To explore whether sharia-compliant status would alter such
patterns.2SAMPLE AND DATAThe data required:Offer prices, first
trading day opening and closing prices, OSR, units offered, types
of offer, and listing board.Provide a pool of 386 IPOs, 94.84 % of
the total 407 IPOs that were actually issued from 1999-2007 in this
study.
Data are compiled from Investors Digest, web sites of Bursa
Malaysia and various securities management firms such as the OSK
and the Malaysian Investment House as well as the STAR
newspaper3RESEARCH PROBLEMThis research demonstrates few research
about underpricing of initial public offerings (IPOs) of stocks
that had consider the phenomenon as a universal. This phenomenon
included Asian markets where underpricing in China is exceptionally
high compared to Malaysia has been known overwhelmingly high.
4RESEARCH METHODAuthor analyzed a sample of 386 IPOs issued between
January 1999 and December 2007 for the effect of Sharia-compliant
status on the patterns of initial return of IPOs.
Based on Yong (2007b), who excludes IPO issuances that are
exclusively from such types of offers.
This study also excludes IPOs with incomplete data for the final
selection of the sample IPOs. 5RESEARCH METHODAccording to the
status of sharia compliance of the issuing companies sample is
classified into two sub-samples.
333 sharia-compliant. (86.27%sharia-compliant companies listed
in Bursa Malaysia 2007)
53 non-sharia-compliant IPOs.
6RESEARCH METHODCalculate the initial returns (IPORTN) for the i
th IPO as
PO = offer price Pl = opening price on the first listing day of
the ith IPOs.
7RESEARCH METHOD
8VariableIndependent variabledemand factor (DEMAND)Offer size
(OFSIZE)Risk of IPO as calculated in equation (IPORISK)954321Lorem
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