Secondary Stock Market Performance of Initial Public Offers, Hong Kong, Singapore and Malaysia: 1978–1984

Dawson, Steven M.

doi:10.1111/j.1468-5957.1987.tb00529.x

Cited by 127 publications

(92 citation statements)

References 19 publications

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“…In this study, the objective is to examine the relationship between underwriter reputation and IPO performance in an emerging market. Similar to results from developed markets, several studies document positive abnormal initial day IPO returns in emerging markets (Dawson, 1987;Aggarwal, Leal and Hernandez, 1993;Lee, Taylor and Walter, 1996b). On the other hand, several characteristics of emerging markets might cause the relationship between underwriter reputation and IPO performance in these markets to be different than the relationship observed in developed markets (Harvey, 1995).…”

supporting

confidence: 58%

Underwriter Reputation and Short-run IPO Returns: A Re-evaluation for an Emerging Market

2004

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supporting

confidence: 58%

Underwriter Reputation and Short-run IPO Returns: A Re-evaluation for an Emerging Market

2004

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“…Financial Leverage (Debt/Total Assets) and Financing Cash Flow are used for financing activities. Market prices of the shares will not be used in the study as previous studies on Initial Public Offerings (IPOs) find that Malaysian market is inefficient in conveying information to the public [18][19][20][21] . The following regression models were developed: Financing Cash Flow.…”

Section: Methodsmentioning

confidence: 99%

Information Provided by Accrual and Cash Flow Measures in Determining Firmsâ€™ Performance: Malaysian Evidence

Nasir¹,

Abdullah²

2004

American J. of Applied Sciences

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Accrual and cash flow measures have been argued to be able to evaluate firms' performance, although the results are inconclusive throughout countries and time. This study examined the accrual and cash flow measures independently and jointly among Malaysian firms. The study predicted that the low cash flow subgroups (high income to cash flow firms) would show better results in operating, investing and financing activities. Our descriptive analysis of the structural components of the firms seemed to confirm that low cash firms relatively had higher sales, total assets and shareholders' equity than the high cash firms, indicating that these firms showed better operating performance than other subgroups. With regard to the investing and financing activities, small firm group confirmed the expectations but big firms exhibit different results. Further analysis on the correlation among variables yielded evidence to suggest that there is a significant relationship between non-current assets and debt with investing and financing cash flows, in the expected direction of movement. Using income and cash flow measures, independently and jointly, the results show that none of the measures can be used to evaluate Malaysian firms' performance. The findings appear to be not supportive of previous research which argued that income and cash flow measures have incremental and joint information in assessing firms' performance.

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“…(1996) 1976-89 266 -51.3 NZ Firth (1997 1979-87 143 -2.0 SOUTH EAST ASIA HK Dawson (1987) 1978 Sing. Dawson (1987Dawson ( ) 1978 Sing. Firth (1998) 1979-92 116 -3.26 Korea Kim et al (1995 Abarbanell (1996), as cited in Meyndorf and Snyder (1997: p15).…”

Section: Countrymentioning

confidence: 99%

The Financial Performance Of Privatised Firms: Evidence From Three Transition Economies

Jelic

2001

SSRN Journal

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There is a gap between the theoretical literature which almost unanimously advocates privatisation of banks and enterprises as a part of the solution for the commitment problem in economies in transition, and empirical evidence on how best to design a privatisation programme in order to secure an efficient use of resources. This thesis contributes to this debate by focusing on privatisation programmes and the financial performance of privatised enterprises in Poland, Hungary, and the Czech Republic. This is the first comprehensive comparative study on the short and long run financial performance of privatisation share issues in these countries. The thesis builds on privatisation theories formulated in Perotti (1995) and Perotti and Biais (1997), and the empirical evidence on performance of privatisation share issues presented in Perotti and Guney (1993), Malatesta (1997), andMegginson et al. (1998a).Alternative privatisation schemes are assessed not only on the grounds of speed and effect on the state budget, but also with regard to the benefits they bring to domestic and foreign shareholders in privatised companies. The results provide support for the underlying political and economic theories on privatisation and reveal the importance of a choice of privatisation methods to enhance the financial performance of newly privatised enterprises in transition economies.iii

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Secondary Stock Market Performance of Initial Public Offers, Hong Kong, Singapore and Malaysia: 1978–1984

Cited by 127 publications

References 19 publications

Underwriter Reputation and Short-run IPO Returns: A Re-evaluation for an Emerging Market

Underwriter Reputation and Short-run IPO Returns: A Re-evaluation for an Emerging Market

Information Provided by Accrual and Cash Flow Measures in Determining Firmsâ€™ Performance: Malaysian Evidence

The Financial Performance Of Privatised Firms: Evidence From Three Transition Economies

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