Darjah Terkurang Harga, Aktiviti Penjualan Semula dan Tahap Kecairan Selepas Pasaran Saham TAA
Underpricing, Flipping Activity and Aftermarket Liquidity of IPOs

Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
43600 UKM Bangi
Malaysia

zamzam@ukm.my

Fakulti Ekonomi dan Perniagaan
Universiti Kebangsaan Malaysia
43600 UKM Bangi
Malaysia



Abstract

Empirical researches as well as liquidity theory suggest that underpricing improves after market liquidity of IPOs. A few other studies meanwhile show that in the secondary market, the relationship is mediated by ownership dispersion. However, the present study is more interested in a proposition that states that the correlation between underpricing and the liquidity of IPOs shares in the secondary market is higher for an IPO market that has many flippers. Built on this proposition, this study uses data of IPOs listed on Bursa Malaysia from June 2003 to December 2008 to examine the role played by flipping activity as a mediator to the relationship between underpricing and aftermarket liquidity of IPOs. The results of the multiple regression analyses confirm that flipping activity serves as a mediator, at least partially, in the relationship.

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Citation

Sapian, R. Z. Z., Abdul Rahim, R., & Yong, O. (2012). Darjah Terkurang Harga, Aktiviti Penjualan Semula dan Tahap Kecairan Selepas Pasaran Saham TAA. Jurnal Pengurusan, 34, 29–43.

@article{sapian2012darjah,
  title={Darjah Terkurang Harga, Aktiviti Penjualan Semula dan Tahap Kecairan Selepas Pasaran Saham TAA},
  author={Sapian, Ros Zam Zam and Abdul Rahim, Ruzita and Yong, Othman},
  journal={Jurnal Pengurusan},
 

volume={34},
  number={},
  pages={29—43},
  year={2012},
  doi={},
  publisher={Penerbit UKM},
}

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34 (2012) 29 – 43

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