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Lockup expiration and share price effect in Malaysian IPOs

This paper examines the effect of IPO lockup expiration on share prices for the period of 21 days surrounding the event date. The sample consists of 292 IPOs listed on Bursa Malaysia between May 2003 and December 2012. Lockup in Malaysia is mandatory as opposed to voluntary where it is negotiated be...

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Main Authors: Mohamed Arshad, Shamsul Bahrain, Taufil Mohd, Kamarun Nisham, Ahmad Zaluki, Nurwati Ashikkin, Abdullah, Fikriyah
Format: Conference or Workshop Item
Language:English
Published: 2015
Subjects:
HB Economic Theory
Online Access:https://repo.uum.edu.my/id/eprint/31070/1/SAES%2001%202015%2001-06.pdf
https://repo.uum.edu.my/id/eprint/31070/
https://sefb.uum.edu.my/ecofi/links
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spelling my.uum.repo.310702024-07-16T06:13:23Z https://repo.uum.edu.my/id/eprint/31070/ Lockup expiration and share price effect in Malaysian IPOs Mohamed Arshad, Shamsul Bahrain Taufil Mohd, Kamarun Nisham Ahmad Zaluki, Nurwati Ashikkin Abdullah, Fikriyah HB Economic Theory This paper examines the effect of IPO lockup expiration on share prices for the period of 21 days surrounding the event date. The sample consists of 292 IPOs listed on Bursa Malaysia between May 2003 and December 2012. Lockup in Malaysia is mandatory as opposed to voluntary where it is negotiated between firms and underwriters. Using the market model event study method, the result indicates a significant negative abnormal return at the expiration of the lockup period. Thus, the study provides evidence that contradicts the semi-strong form of the Efficient Market Hypothesis (EMH). According to EMH, the expiration of the lockup period which is public knowledge should not be accompanied with a significant abnormal return 2015 Conference or Workshop Item PeerReviewed application/pdf en cc4_by https://repo.uum.edu.my/id/eprint/31070/1/SAES%2001%202015%2001-06.pdf Mohamed Arshad, Shamsul Bahrain and Taufil Mohd, Kamarun Nisham and Ahmad Zaluki, Nurwati Ashikkin and Abdullah, Fikriyah (2015) Lockup expiration and share price effect in Malaysian IPOs. In: Second Annual ECoFI Symposium 2015 (AES 2015), 12/20/2015 - 12/21/2015, TH Hotel, Alor Setar, Kedah. https://sefb.uum.edu.my/ecofi/links
institution Universiti Utara Malaysia
building UUM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Utara Malaysia
content_source UUM Institutional Repository
url_provider http://repo.uum.edu.my/
language English
topic HB Economic Theory
spellingShingle HB Economic Theory
Mohamed Arshad, Shamsul Bahrain
Taufil Mohd, Kamarun Nisham
Ahmad Zaluki, Nurwati Ashikkin
Abdullah, Fikriyah
Lockup expiration and share price effect in Malaysian IPOs
description This paper examines the effect of IPO lockup expiration on share prices for the period of 21 days surrounding the event date. The sample consists of 292 IPOs listed on Bursa Malaysia between May 2003 and December 2012. Lockup in Malaysia is mandatory as opposed to voluntary where it is negotiated between firms and underwriters. Using the market model event study method, the result indicates a significant negative abnormal return at the expiration of the lockup period. Thus, the study provides evidence that contradicts the semi-strong form of the Efficient Market Hypothesis (EMH). According to EMH, the expiration of the lockup period which is public knowledge should not be accompanied with a significant abnormal return
format Conference or Workshop Item
author Mohamed Arshad, Shamsul Bahrain
Taufil Mohd, Kamarun Nisham
Ahmad Zaluki, Nurwati Ashikkin
Abdullah, Fikriyah
author_facet Mohamed Arshad, Shamsul Bahrain
Taufil Mohd, Kamarun Nisham
Ahmad Zaluki, Nurwati Ashikkin
Abdullah, Fikriyah
author_sort Mohamed Arshad, Shamsul Bahrain
title Lockup expiration and share price effect in Malaysian IPOs
title_short Lockup expiration and share price effect in Malaysian IPOs
title_full Lockup expiration and share price effect in Malaysian IPOs
title_fullStr Lockup expiration and share price effect in Malaysian IPOs
title_full_unstemmed Lockup expiration and share price effect in Malaysian IPOs
title_sort lockup expiration and share price effect in malaysian ipos
publishDate 2015
url https://repo.uum.edu.my/id/eprint/31070/1/SAES%2001%202015%2001-06.pdf
https://repo.uum.edu.my/id/eprint/31070/
https://sefb.uum.edu.my/ecofi/links
_version_ 1805893233371250688
score 13.211869

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