Performance of New Issues: The Malaysian Case

Saiful Bahri Sufar

Abstract


ABSTRAK
TUJuan kertas ,adalah untuk mengkaji prestaSl terbitan saham baru di
Malaysia Prestasi ini dilihat dari segi dua aspek iaitU mengukur sama ada
harga saham tersebutterkurang nilai bila diterbitkan dan keduanya sama ada
pasaran saham cekap dalam menetapkan harga saham terbitan baru tersebut.
Hasil kajian ini menunjukkan bahawa terdapatnya perbezaan harga antara
harga tawaran dengan harga yang ditentukan oleh pasaran. Perbezaan
harga ini telah mencapai setinggi 400% dan serendah 13%. Walau bagaimanapun
pasaran saham di Malaysia menunJukkan kecekapan dalam menentukan
harga saham terbitan baru ini kerana tidak ada perubahan yang
berkesan atas harga setelah satu tahun saham-saham ini diterbitkan.

ABSTRACT.
This paper examines Ihe performance of new issues in Malaysis. Two aspects of performance were examined. Firstly whether there are any underpricing n Ihe prlcmg of new issues and secondly whether the market is efficient in
pricing these shares. The result of this study showed an existence of underpricing as hIgh as 400% and as low as 13%. However, the MalaysIan stock arket is efficient in the pricing of these new Issues. Price of these shares do
nol expenence sinificant differences from the initial pircing in the opening wllhm one year after listmg.


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