การศึกษาเชิงประจักษ์ถึงอัตราผลตอบแทนจากการลงทุนในหลักทรัพย์ IPO กรณีศึกษาในตลาดหลักทรัพย์แห่งประเทศไทย / พีรพงศ์ ประพจน์โสภานนท์ =The Empirical Study of IPO Returns : Experiences from The Stock Exchange of Thailand /Peerapong Praphotsopanon
This objective of this study is to examine the short-run and long-run performance of Initial Public Offering (IPO) of stock. This study includes 89 Initial Public Offering (IPO) in The Stock Exchange of Thailand between 2011-2014, the study determine which factors can effect the return of IPO both short-run and long-run.
The study reveals that average initial return of IPO is 74.09%. The cross-section regression analysis shows that total asset and gross profit of the firm are significant in determining the initial return of IPO. While the factor of audit quality and firm’s age have no significant power on one-day return of IPO. Moreover, for the 2-year period after going public, IPO firms’s returns outperform the market but underperform its initial return. Initial return, audit quality and firm’s total asset are significant in determining the long-run performance of IPO whereas gross profit and firms age have no significant.
