The Long Run Share Price Performance of Malaysian Initial Public Offerings (IPOs)
研究1990至2000年间454家马来西亚IPO的长期股价表现，发现等权事件时间CAR和买入持有收益显著优于市场基准，但价值加权收益和日历时间方法下异常表现消失。
Abstract: This paper investigates the long run share price performance of 454 Malaysian IPOs during the period 1990 to 2000. In contrast with developed markets, significant over performance is found for equally‐weighted event time CARs and buy‐and‐hold returns using two market benchmarks, though not for value‐weighted returns or using a matched company benchmark. The significant abnormal performance also disappears under the calendar‐time approach using the Fama‐French (1993) three factor model. While the long run performance of Main and Second Board IPOs does not differ, the year of listing, issue proceeds and initial returns are found to be performance‐related.