Please use this identifier to cite or link to this item:
|Title:||Initial public offerings of state-owned enterprises: An International study of policy risk|
|Authors:||Lam, S.-S. |
|Citation:||Lam, S.-S.,Tan, R.S.-K.,Wee, G.T.-M. (2007). Initial public offerings of state-owned enterprises: An International study of policy risk. Journal of Financial and Quantitative Analysis 42 (2) : 313-338. ScholarBank@NUS Repository.|
|Abstract:||Policy risk, rather than information asymmetry, explains the cross-sectional underpricing of privatized initial public offerings. The issuer governments of high policy risk issues tend to retain a large equity stake and underprice more with underpricing increasing in retained equity. While the issuer government's retained equity is an observable signal for policy risk, we find that the quality of a country's bureaucratic machinery is a more intuitive and practical measure of policy risk. Policy risk also explains the absence of a systematic relation between the initial returns on privatized and private initial public offerings. COPYRIGHT 2007, SCHOOL OF BUSINESS ADMINISTRATION, UNIVERSITY OF WASHINGTON.|
|Source Title:||Journal of Financial and Quantitative Analysis|
|Appears in Collections:||Staff Publications|
Show full item record
Files in This Item:
There are no files associated with this item.
checked on Nov 17, 2018
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.