The Long Run Share Price Performance of Malaysian Initial Public Offerings (IPOs)

33 Pages Posted: 1 Mar 2007

See all articles by Nurwati A. Ahmad-Zaluki

Nurwati A. Ahmad-Zaluki

Universiti Utara Malaysia - Othman Yeop Abdullah Graduate School of Business

Kevin Campbell

University of Stirling - Stirling Management School

Alan Goodacre

University of Stirling - Department of Accounting and Finance

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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 overperformance 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.

Suggested Citation

Ahmad-Zaluki, Nurwati A. and Campbell, Kevin and Goodacre, Alan, The Long Run Share Price Performance of Malaysian Initial Public Offerings (IPOs). Journal of Business Finance & Accounting, Vol. 34, Nos. 1-2, pp. 78-110, January/March 2007, Available at SSRN: https://ssrn.com/abstract=966489 or http://dx.doi.org/10.1111/j.1468-5957.2006.00655.x

Nurwati A. Ahmad-Zaluki (Contact Author)

Universiti Utara Malaysia - Othman Yeop Abdullah Graduate School of Business ( email )

Universiti Utara Malaysia
Sintok, Kedah 06010
Malaysia

Kevin Campbell

University of Stirling - Stirling Management School ( email )

Stirling Management School
Division of Accounting and Finance
Stirling, Scotland FK9 4LA
United Kingdom
(44) 1786 467280 (Phone)
(44) 1786 467308 (Fax)

Alan Goodacre

University of Stirling - Department of Accounting and Finance ( email )

Stirling, FK9 4LA
United Kingdom
+44 1786 467291 (Phone)
+44 1786 467308 (Fax)

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