Ramli, Ishak and Suherman, Suherman (2010) After-market liquidity and ipos underpricing: evidence from shari'ah and non shari'ah-based firms. Chinese Business Review, 9 (12). pp. 17-26. ISSN 1537-1506
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Abstract
The underpricing of initial public offerings (IPOs) is generally explained with asynunetric information and risk. We complement these traditional explanations with a new theory proposed by Ellul and Pagano (2006) where investors worry also about the after-market illiquidity that may result from asynunetric information after the IPO. The less liquid the after-market is expected to be, the larger will be the IPO underpricing. The samples are the 41 IPOs carried out between 2001-2005. The samples are 7 Shari'ah-based firms. and 34 non Shariah-based firms'. Shariah-based firms are those included in Jakarta Islamic Index (nI), at least one period (one semester). Regression results show that the relationship betwee!l after-market liquidity and underpricing is insignificant unless we use trading frequency as proxy for liquidity for non Shariah-based firms.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | after-market liquidity; initial public offering; underpricing; Shari'ah-based firms |
| Subjects: | Penelitian > Fakultas Ekonomi |
| Divisions: | Fakultas Ekonomi > Akuntansi Fakultas Ekonomi > Manajemen |
| Depositing User: | Admin Fakultas Ekonomi & Bisnis |
| Date Deposited: | 07 Aug 2017 18:08 |
| Last Modified: | 07 Aug 2017 18:08 |
| URI: | http://repository.untar.ac.id/id/eprint/1584 |
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