LATEST PUBLICATIONS
DLSU-AKI Policy Brief, Volume VII, No. 17
Mitigating Emissions Associated With the Production of Traded Goods
BRAc RN 2021-01
Shedding Light on Bank Deposits in Philippine Provinces
PB2021-10
Modernizing VAT in the Digital Economy
PB2021-09
Nature-Based Policies Towards Green Recovery: Mitigating the Impacts of Climate Change and Future Disease Outbreaks

LATEST AV MATERIALS
PIDS WB 2021-1104
Assessing the Philippines' Performance in Meeting the ASEAN Economic Community Vision 2025
PIDS WB 2021-1103
Examining The Health Impacts Of The COVID-19 Pandemic In The Philippines
ILS-AVP-01
ILS 30th Anniversary Video
PIDS WB 2021-1102
Evaluating the Pantawid Pamilyang Pilipino Program's Payment System
Publication Detail
DLSU AKI 1999-01: The Influence of Group Affiliation and Ownership Structure on Emerging Market IPOs: The Case of the Philippines

In this paper we report initial returns and long-run performance of IPOs in the Philippines over the period 1987-1997. Within this context we investigate the differential effects on IPO returns of offer size, firm age, industry, market timing, ownership structure, and company affiliation. We find average initial returns of 22.69% for a sample of 104 company IPOs over an 11-year period, 1987 through 1997, and three-year aftermarket adjusted returns of -5.44% for a subset of 65 of these companies. Factors commonly found to affect the level of IPO underpricing are not found significant in the Philippines. Instead, we find that firms affiliated with a corporate group are subject to greater IPO underpricing than unaffiliated firms. We attribute this to affiliated firms issuing IPOs accompanied by a lower degree of information disclosure.

DLSU - Angelo King Institute for Economic and Business Studies
Authors Keywords
Unite, Angelo A.; Sullivan, Michael J.;
Download PDF Number of Downloads
Published in 1999 and available in the DLSU AKI Library or NO PDF AVAILABLE Downloaded 0 times since November 25, 2011
×
Please let us know your reason for downloading this publication. May we also ask you to provide additional information that will help us serve you better? Rest assured that your answers will not be shared with any outside parties. It will take you only two minutes to complete the survey. You will answer the profile questions only once as long as you enter the same email address. Thank you.


To use as reference:
If others, (Please specify):
Name: (optional)
Email: (required, but will not display; please use the same email address when downloading another publication so that the profile questions will not appear)
Age:
Gender:
If Prefer to self-describe, please specify:
Level of Education:
Occupation:
If employed either part-time or full-time, name of office:
If others, (Please specify):
Would you like to receive the SERP-P UPDATES e-newsletter? Yes No
Use the space below if you have any comment about this publication or SERP-P knowledge resources in general.