The impact of the costs of subscription on measured IPO returns: the case of Asia

被引：14

作者：

Fung, JKW

Cheng, LTW

Chan, KC ^{[1
]}

机构：

[1] Western Kentucky Univ, Dept Accounting & Finance, Gordon Ford Coll Business, Bowling Green, KY 42101 USA

[2] Hong Kong Baptist Univ, Sch Business, Dept Finance & Decis Sci, Hong Kong, Hong Kong, Peoples R China

[3] Hong Kong Polytech Univ, Sch Accounting & Finance, Hong Kong, Hong Kong, Peoples R China

[4] Univ Exeter, Exeter EX4 4QJ, Devon, England

来源：

JOURNAL OF CORPORATE FINANCE | 2004年 / 10卷 / 03期

关键词：

initial public offerings; Asian IPOs; non-discretionary allocation;

D O I：

10.1016/j.jcorpfin.2003.08.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Asian initial public offerings (IPOs) require investors to pay subscription funds up-front upon submission of applications, and these funds are locked-up for 1-3 weeks without interest. Hence, the IPO process entails an explicit financing cost (opportunity cost) whether investors borrow funds or use their own funds to apply for IPO shares. The IPO subscription costs are not trivial, especially in a high interest rate environment or when an IPO is highly oversubscribed. These costs should be considered in any comparison of IPO returns across countries. (C) 2003 Elsevier B.V. All rights reserved.

引用

页码：459 / 465

页数：7