dc.contributor.advisor |
Boabang, Francis |
|
dc.creator |
Zhou, Fang |
|
dc.date.accessioned |
2012-10-11T18:34:02Z |
|
dc.date.available |
2012-10-11T18:34:02Z |
|
dc.date.issued |
2012 |
|
dc.identifier.uri |
http://library2.smu.ca/xmlui/handle/01/24712 |
|
dc.description |
1 online resource (v, 28 leaves) |
|
dc.description |
Includes abstract. |
|
dc.description |
Includes bibliographical references (leaves 26-28). |
|
dc.description.abstract |
In a large percentage of research studies, we find the degree of
underpricing uses offer-to-close return as initial return to study factors
influencing the degree of IPO underpricing. The objective of this study is to
analyze the specific industry effects on the mispricing of new issues. In this
research, we divide the initial return into an opening price return and an
intraday return. After introducing a least squares dummy variable estimator to
do the regression analysis, this paper shows some interesting results. The
results demonstrate that companies belong to different industries don’t have
significant difference in the degree of underpricing of IPOs. The only
significant result is that companies with higher Tobin’s Q ratio tend to have a
lower degree of underpricing of IPOs. This may be explained by the
aggressive risk-taking phenomenon. Companies with higher growth potential
are more desired to recent investors. Consequently, underwriters are able to
sell the new issues at higher offer prices. Companies with a greater proportion
of intellectual capital tend to have a lower degree of underpricing of IPOs. |
en_CA |
dc.description.provenance |
Submitted by Trish Grelot (trish.grelot@smu.ca) on 2012-10-11T18:34:02Z
No. of bitstreams: 1
zhou_fang_mrp_2012.pdf: 202752 bytes, checksum: 53c4b958341b851a6633915cdbeb6665 (MD5) |
en |
dc.description.provenance |
Made available in DSpace on 2012-10-11T18:34:02Z (GMT). No. of bitstreams: 1
zhou_fang_mrp_2012.pdf: 202752 bytes, checksum: 53c4b958341b851a6633915cdbeb6665 (MD5) |
en |
dc.language.iso |
en |
en_CA |
dc.publisher |
Halifax, N.S. : Saint Mary's University |
|
dc.title |
Industry effects on the opening price performance of initial public offerings of common stock |
en_CA |
dc.type |
Text |
en_CA |
thesis.degree.name |
Master of Finance |
|
thesis.degree.level |
Masters |
|
thesis.degree.discipline |
Finance, Information Systems, & Management Science |
|
thesis.degree.grantor |
Saint Mary's University (Halifax, N.S.) |
|