Identifying and Investigating Excess Returns of IPOs in Thailand during 2003 – 2015 / Naruphan Pukalanant=การประเมินผล และ วิเคราะห์ ผลตอบแทนจากการลงทุนในหลักทรัพย์ที่ถูกเสนอขายต่อประชาชนเป็นครั้งแรก (IPO) ในตลาดหุ้นไทย ในระยะสั้นและยาวระหว่างปี พ.ศ. 2546 – 2558 /นฤพันธ์ ปุคะละนันท์
Imprint
2559
Descript
122 หน้า, ตาราง
SUMMARY
This paper employs traditional statistical models; T-Tests, analysis of variance (ANOVA), and Multiple Regression Analysis (MRA), to examine the share price performances of Initial Public Offerings in Thailand between 2003 until 2015 relative to the performance of the Stock Exchange of Thailand (SET). The investigation will focus on the relative performances of IPOs and the Stock Exchange of Thailand (SET), the Market for Alternative Investments (MAI Index), and 8 industries, as classified by the exchange.
This paper investigates if there are significant excess returns from investing in IPOs in the Stock Exchange of Thailand (SET) relative to investing passively in the broad index. The objective is to identify if there are significant excess returns in investing IPOs and if so, can we utilize basic valuation ratios to locate and determine the best investment horizon investment opportunities and executions. Our findings indicated that there are significant differences between excess returns of IPOs and the two broad indices (SET and MAI) and all 8 industries. However, we did not find significant differences between the 4 investment intervals and that out of the basic valuations ratios investigated, only the P/E ratio can potentially locate outperformers among IPOs.
