Signalling role of underwriters and auditors on Initial Public Offerings’ (IPOs’) initial returns
This study examines a sample of 228 companies that went public in the Malaysian Stock Exchange known as Bursa Malaysia. This study intends to find whether the Reputations of Auditors’ and Underwriters’ have an effect on IPOs initial returns. Companies considering initiating public offerings (IPO) ex...
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my-mmu-ep.56642015-06-30T04:20:44Z Signalling role of underwriters and auditors on Initial Public Offerings’ (IPOs’) initial returns 2014-06 Mohamed Afzal Khan, Mohamed Aslam Khan HG Finance HG4001-4285 Finance management. Business finance. This study examines a sample of 228 companies that went public in the Malaysian Stock Exchange known as Bursa Malaysia. This study intends to find whether the Reputations of Auditors’ and Underwriters’ have an effect on IPOs initial returns. Companies considering initiating public offerings (IPO) expect to raise funds and would like to maximize their initial return. The asymmetry of information between parties involved in initial public offerings often jeopardizes potential investors’ involvement. Besides Auditors’ and Underwriters’ reputation, other factors such as Market Condition, Firm Age and Firm Size also have a significant impact on IPOs’ initial returns. Therefore this study have included these factors as control variables. The findings reveal a number of significant relationships, some of which are opposite to the prediction. The results shows that the higher the reputation of the underwriter the lower the initial return. Whereas Auditors’ reputation is positively significant which states that the higher the reputation of Auditors’ the higher the initial return. The reason for this opposite direction is in line with the signaling hypothesis. This study can be a contribution to provide knowledge to Malaysian companies who are considering to initiate public offerings. Furthermore, this study is also useful for further research, and is expected to be additional material and references for subsequent studies of its kind. 2014-06 Thesis http://shdl.mmu.edu.my/5664/ http://library.mmu.edu.my/diglib/onlinedb/dig_lib.php masters Multimedia University Graduate School of Management |
| institution |
Multimedia University |
| collection |
MMU Institutional Repository |
| topic |
HG Finance HG Finance |
| spellingShingle |
HG Finance HG Finance Mohamed Afzal Khan, Mohamed Aslam Khan Signalling role of underwriters and auditors on Initial Public Offerings’ (IPOs’) initial returns |
| description |
This study examines a sample of 228 companies that went public in the Malaysian Stock Exchange known as Bursa Malaysia. This study intends to find whether the Reputations of Auditors’ and Underwriters’ have an effect on IPOs initial returns. Companies considering initiating public offerings (IPO) expect to raise funds and would like to maximize their initial return. The asymmetry of information between parties involved in initial public offerings often jeopardizes potential investors’ involvement. Besides Auditors’ and Underwriters’ reputation, other factors such as Market Condition, Firm Age and Firm Size also have a significant impact on IPOs’ initial returns. Therefore this study have included these factors as control variables. The findings reveal a number of significant relationships, some of which are opposite to the prediction. The results shows that the higher the reputation of the underwriter the lower the initial return. Whereas Auditors’ reputation is positively significant which states that the higher the reputation of Auditors’ the higher the initial return. The reason for this opposite direction is in line with the signaling hypothesis. This study can be a contribution to provide knowledge to Malaysian companies who are considering to initiate public offerings. Furthermore, this study is also useful for further research, and is expected to be additional material and references for subsequent studies of its kind. |
| format |
Thesis |
| qualification_level |
Master's degree |
| author |
Mohamed Afzal Khan, Mohamed Aslam Khan |
| author_facet |
Mohamed Afzal Khan, Mohamed Aslam Khan |
| author_sort |
Mohamed Afzal Khan, Mohamed Aslam Khan |
| title |
Signalling role of underwriters and auditors on Initial Public Offerings’ (IPOs’) initial returns |
| title_short |
Signalling role of underwriters and auditors on Initial Public Offerings’ (IPOs’) initial returns |
| title_full |
Signalling role of underwriters and auditors on Initial Public Offerings’ (IPOs’) initial returns |
| title_fullStr |
Signalling role of underwriters and auditors on Initial Public Offerings’ (IPOs’) initial returns |
| title_full_unstemmed |
Signalling role of underwriters and auditors on Initial Public Offerings’ (IPOs’) initial returns |
| title_sort |
signalling role of underwriters and auditors on initial public offerings’ (ipos’) initial returns |
| granting_institution |
Multimedia University |
| granting_department |
Graduate School of Management |
| publishDate |
2014 |
| _version_ |
1747829582893940736 |