메뉴 건너뛰기




Volumn 9, Issue 5, 2001, Pages 457-486

Performance of Malaysian IPOs: Underwriters reputation and management earnings forecasts

Author keywords

Financial performance; G14; G24; G32; Initial public offerings; Management earnings forecasts; Underwriters

Indexed keywords


EID: 0011040243     PISSN: 0927538X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0927-538X(01)00013-0     Document Type: Article
Times cited : (75)

References (60)
  • 1
    • 18244391272 scopus 로고
    • The effects of management forecast precision on equity pricing and on the assessment of earnings uncertainty
    • Baginski S.P., Conrad E.J., Hassell J.M. The effects of management forecast precision on equity pricing and on the assessment of earnings uncertainty. The Accounting Review. 68:1993;913-927.
    • (1993) The Accounting Review , vol.68 , pp. 913-927
    • Baginski, S.P.1    Conrad, E.J.2    Hassell, J.M.3
  • 2
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
    • Barber B.M., Lyon D.J. Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics. 43:1997;341-372.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-372
    • Barber, B.M.1    Lyon, D.J.2
  • 3
    • 37149005683 scopus 로고
    • Investment banking, reputation, and the underpricing of initial public offerings
    • Beatty R.P., Ritter J.R. Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics. 15:1986;213-232.
    • (1986) Journal of Financial Economics , vol.15 , pp. 213-232
    • Beatty, R.P.1    Ritter, J.R.2
  • 4
    • 0030529155 scopus 로고    scopus 로고
    • Issuer expenses and legal liability in initial public offerings
    • Beatty R.P., Welch I. Issuer expenses and legal liability in initial public offerings. Journal of Law and Economics. 34(2):1996;545-602.
    • (1996) Journal of Law and Economics , vol.34 , Issue.2 , pp. 545-602
    • Beatty, R.P.1    Welch, I.2
  • 5
    • 0042798314 scopus 로고
    • Underpricing, ownership and control in initial public offerings of equity securities in the UK
    • July
    • Brennan, J., Franks, J., 1995. Underpricing, ownership and control in initial public offerings of equity securities in the UK, CEPR Discussion paper 121, July.
    • (1995) CEPR Discussion Paper , vol.121
    • Brennan, J.1    Franks, J.2
  • 6
    • 0031231866 scopus 로고    scopus 로고
    • The investment and operating performance of Japanese initial public offerings
    • Cai J., Wei K.C.J. The investment and operating performance of Japanese initial public offerings. Pacific-Basin Finance Journal. 5:1997;389-417.
    • (1997) Pacific-Basin Finance Journal , vol.5 , pp. 389-417
    • Cai, J.1    Wei, K.C.J.2
  • 8
    • 84993923489 scopus 로고
    • Investment bank reputation information production and financial intermediation
    • Chemmanur T.J., Fulghieri P. Investment bank reputation information production and financial intermediation. Journal of Finance. 49:1994;57-79.
    • (1994) Journal of Finance , vol.49 , pp. 57-79
    • Chemmanur, T.J.1    Fulghieri, P.2
  • 11
    • 84978569878 scopus 로고
    • Secondary stock market performance of initial public offerings, Hong Kong, Singapore and Malaysia: 1978-1984
    • Dawson S.M. Secondary stock market performance of initial public offerings, Hong Kong, Singapore and Malaysia: 1978-1984. Journal of Business Finance and Accounting. 14:1987;65-76.
    • (1987) Journal of Business Finance and Accounting , vol.14 , pp. 65-76
    • Dawson, S.M.1
  • 12
  • 13
    • 84977703147 scopus 로고
    • Further evidence of investor overreaction and stock market seasonlality
    • De Bondt W.F.M., Thaler R. Further evidence of investor overreaction and stock market seasonlality. Journal of Finance. 42(3):1987;557-582.
    • (1987) Journal of Finance , vol.42 , Issue.3 , pp. 557-582
    • De Bondt, W.F.M.1    Thaler, R.2
  • 17
    • 0042798312 scopus 로고    scopus 로고
    • Kuala Lumpur removes race-based equity quotas
    • 24 July
    • Financial Times, 1998. Kuala Lumpur removes race-based equity quotas, 24 July.
    • (1998) Financial Times
  • 18
    • 0041796025 scopus 로고    scopus 로고
    • Deutche Bank advert
    • 24 May
    • Financial Times, 2000. Deutche Bank advert, 24 May, p. 6.
    • (2000) Financial Times , pp. 6
  • 19
    • 0031067287 scopus 로고    scopus 로고
    • An analysis of the stock market performance of new issues in New Zealand
    • Firth M. An analysis of the stock market performance of new issues in New Zealand. Pacific-Basin Finance Journal. 5:1997;62-85.
    • (1997) Pacific-Basin Finance Journal , vol.5 , pp. 62-85
    • Firth, M.1
  • 20
    • 0041514615 scopus 로고    scopus 로고
    • IPO profit forecasts and their role in signalling firm value and explaining post-listing returns
    • Firth M. IPO profit forecasts and their role in signalling firm value and explaining post-listing returns. Applied Financial Economics. 8:1998;29-39.
    • (1998) Applied Financial Economics , vol.8 , pp. 29-39
    • Firth, M.1
  • 21
    • 0010803348 scopus 로고
    • The accuracy of profits forecasts in initial public offering prospectuses
    • Firth M., Smith A. The accuracy of profits forecasts in initial public offering prospectuses. Accounting and Business Research. 22(87):1992;239-247.
    • (1992) Accounting and Business Research , vol.22 , Issue.87 , pp. 239-247
    • Firth, M.1    Smith, A.2
  • 23
    • 0002655572 scopus 로고
    • Relative forecast accuracy and the timing of earnings forecast announcements
    • Hassel J.M., Jennings R.H. Relative forecast accuracy and the timing of earnings forecast announcements. Accounting Review. 61:1986;58-75.
    • (1986) Accounting Review , vol.61 , pp. 58-75
    • Hassel, J.M.1    Jennings, R.H.2
  • 26
    • 0043017572 scopus 로고    scopus 로고
    • The accuracy of earnings forecasts in IPO prospectuses on the Kuala Lumpur Stock Exchange
    • Jelic R., Briston R.J. The accuracy of earnings forecasts in IPO prospectuses on the Kuala Lumpur Stock Exchange. Accounting and Business Research. 29(1):1998;55-72.
    • (1998) Accounting and Business Research , vol.29 , Issue.1 , pp. 55-72
    • Jelic, R.1    Briston, R.J.2
  • 27
    • 0003094546 scopus 로고
    • Investment banker prestige and the underpricing of initial public offerings
    • Johnson J., Miller R. Investment banker prestige and the underpricing of initial public offerings. Financial Management. 17:1988;17-29.
    • (1988) Financial Management , vol.17 , pp. 17-29
    • Johnson, J.1    Miller, R.2
  • 28
    • 0042516546 scopus 로고
    • Prospectus earnings forecasts and the pricing of new issues with on the unlisted securities market
    • Keasey K., McGuinness R. Prospectus earnings forecasts and the pricing of new issues with on the unlisted securities market. Accounting and Business Research. 21(82):1991;133-145.
    • (1991) Accounting and Business Research , vol.21 , Issue.82 , pp. 133-145
    • Keasey, K.1    McGuinness, R.2
  • 30
    • 0000434379 scopus 로고
    • The aftermarket performance of initial public offerings in Korea
    • Kim J.B., Krinky I., Lee J. The aftermarket performance of initial public offerings in Korea. Pacific-Basin Finance Journal. 3:1995;429-448.
    • (1995) Pacific-Basin Finance Journal , vol.3 , pp. 429-448
    • Kim, J.B.1    Krinky, I.2    Lee, J.3
  • 33
    • 0001918670 scopus 로고
    • Voluntary forecast disclosure, nondisclosure, and stock prices
    • Lev B., Penman S.H. Voluntary forecast disclosure, nondisclosure, and stock prices. Journal of Accounting Research. 1990;49-76.
    • (1990) Journal of Accounting Research , pp. 49-76
    • Lev, B.1    Penman, S.H.2
  • 34
    • 0002111898 scopus 로고
    • The long-run performance of initial public offerings: The UK experience 1980-1988
    • Spring
    • Levis M. The long-run performance of initial public offerings: The UK experience 1980-1988. Financial Management. 1993;28-41. Spring.
    • (1993) Financial Management , pp. 28-41
    • Levis, M.1
  • 35
    • 84910306625 scopus 로고
    • On the pricing of unseasoned equity issues: 1965-69
    • Logue D. On the pricing of unseasoned equity issues: 1965-69. Journal of Financial Quantitative Analysis. 8:1973;91-103.
    • (1973) Journal of Financial Quantitative Analysis , vol.8 , pp. 91-103
    • Logue, D.1
  • 37
    • 0009885154 scopus 로고    scopus 로고
    • Improved methods for tests of long-run abnormal stock returns
    • Lyon D.J., Barber B.M., Tsai C-L. Improved methods for tests of long-run abnormal stock returns. Journal of Finance. 44(1):1999;165-200.
    • (1999) Journal of Finance , vol.44 , Issue.1 , pp. 165-200
    • Lyon, D.J.1    Barber, B.M.2    Tsai, C.-L.3
  • 39
    • 0010180618 scopus 로고    scopus 로고
    • Bias and accuracy of management earnings forecasts: An evaluation of the impact of auditing
    • McConomy B.J. Bias and accuracy of management earnings forecasts: An evaluation of the impact of auditing. Contemporary Accounting Research. 15(2):1998;167-195.
    • (1998) Contemporary Accounting Research , vol.15 , Issue.2 , pp. 167-195
    • McConomy, B.J.1
  • 40
    • 0002586234 scopus 로고
    • Evidence of information asymmetries from management earnings forecasts and stock returns
    • McNichols M. Evidence of information asymmetries from management earnings forecasts and stock returns. Accounting Review. 64:1989;1-27.
    • (1989) Accounting Review , vol.64 , pp. 1-27
    • McNichols, M.1
  • 41
    • 0040162533 scopus 로고
    • The pricing of initial public offerings: Tests of adverse selection and signalling theories
    • Michaely R., Wayne H.S. The pricing of initial public offerings: Tests of adverse selection and signalling theories. The Review of Financial Studies. 7:1994;279-319.
    • (1994) The Review of Financial Studies , vol.7 , pp. 279-319
    • Michaely, R.1    Wayne, H.S.2
  • 42
    • 84916929634 scopus 로고
    • Risk, uncertainty, and divergence of opinion
    • Miller E. Risk, uncertainty, and divergence of opinion. Journal of Finance. 32:1977;1151-1168.
    • (1977) Journal of Finance , vol.32 , pp. 1151-1168
    • Miller, E.1
  • 43
    • 0039927826 scopus 로고
    • Analysis of underpricing in the Malaysian new issue market during 1975-1990: Are new issues excessively underpriced?
    • Mohamad S., Nassir A.M., Ariff M. Analysis of underpricing in the Malaysian new issue market during 1975-1990: Are new issues excessively underpriced? The Capital Markets Review. 1:1994;17-28.
    • (1994) The Capital Markets Review , vol.1 , pp. 17-28
    • Mohamad, S.1    Nassir, A.M.2    Ariff, M.3
  • 45
    • 0011052654 scopus 로고    scopus 로고
    • Privatisation initial public offerings in Malaysia: Initial premium and long-term performance
    • Paudyal K., Saadouni B., Briston R.J. Privatisation initial public offerings in Malaysia: Initial premium and long-term performance. Pacific-Basin Finance Journal. 6:1998;427-451.
    • (1998) Pacific-Basin Finance Journal , vol.6 , pp. 427-451
    • Paudyal, K.1    Saadouni, B.2    Briston, R.J.3
  • 46
    • 21344492705 scopus 로고
    • The stock price effect of alternative types of management earnings forecasts
    • Pownall G., Wasley C., Waymire G. The stock price effect of alternative types of management earnings forecasts. Accounting Review. 68:1993;896-912.
    • (1993) Accounting Review , vol.68 , pp. 896-912
    • Pownall, G.1    Wasley, C.2    Waymire, G.3
  • 47
    • 0002860329 scopus 로고    scopus 로고
    • Analyst following of initial public offerings
    • Rajan R., Serves H. Analyst following of initial public offerings. Journal of Finance. 70:1997;507-529.
    • (1997) Journal of Finance , vol.70 , pp. 507-529
    • Rajan, R.1    Serves, H.2
  • 48
    • 0001605968 scopus 로고
    • The 'Hot Issue' market of 1980
    • Ritter J.R. The 'Hot Issue' market of 1980. Journal of Business. 57:1984;215-240.
    • (1984) Journal of Business , vol.57 , pp. 215-240
    • Ritter, J.R.1
  • 49
    • 84977717063 scopus 로고
    • The long-run performance of initial public offerings
    • Ritter J.R. The long-run performance of initial public offerings. Journal of Finance. 46:1991;3-27.
    • (1991) Journal of Finance , vol.46 , pp. 3-27
    • Ritter, J.R.1
  • 50
    • 0000423667 scopus 로고
    • Why new issues are underpriced
    • Rock K. Why new issues are underpriced. Journal of Financial Economics. 15:1986;187-212.
    • (1986) Journal of Financial Economics , vol.15 , pp. 187-212
    • Rock, K.1
  • 54
    • 0000370948 scopus 로고    scopus 로고
    • Earnings management and the long-run under-performance of initial public offerings
    • Teoh S., Welch I., Wong T. Earnings management and the long-run under-performance of initial public offerings. Journal of Finance. 53:1998;1935-1974.
    • (1998) Journal of Finance , vol.53 , pp. 1935-1974
    • Teoh, S.1    Welch, I.2    Wong, T.3
  • 58
    • 84977703615 scopus 로고
    • Seasoned offerings and the pricing of new issues
    • Welch I. Seasoned offerings and the pricing of new issues. Journal of Finance. 44:1989;421-450.
    • (1989) Journal of Finance , vol.44 , pp. 421-450
    • Welch, I.1
  • 59
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test of heteroskedasticity
    • White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test of heteroskedasticity. Econometrica. 48:1980;817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1
  • 60
    • 0039927823 scopus 로고
    • The long run performance of initial public offerings in Malaysia
    • Wu T.S. The long run performance of initial public offerings in Malaysia. The Capital Markets Review. 1:1993;61-80.
    • (1993) The Capital Markets Review , vol.1 , pp. 61-80
    • Wu, T.S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.