Please use this identifier to cite or link to this item: https://doi.org/10.1111/1467-646X.00031
Title: Communication of private information and the valuation of initial public offerings in Singapore
Authors: Eng, L.L. 
Khoo, A. 
Tan, R. 
Issue Date: 1998
Source: Eng, L.L.,Khoo, A.,Tan, R. (1998). Communication of private information and the valuation of initial public offerings in Singapore. Journal of International Financial Management and Accounting 9 (2) : 63-82. ScholarBank@NUS Repository. https://doi.org/10.1111/1467-646X.00031
Abstract: This study examines a sample of 108 initial public offerings in Singapore between 1987 and 1993, and documents the effects of four channels of entrepreneurial communication, that is, retained ownership, audited report, auditor choice and underwriter choice on the valuation of new issues. Our results indicate that retained ownership and book value of equity are significantly and positively associated with the valuation of initial public offerings in Singapore. Underwriter choice and auditor choice are not significant in explaining the valuation of initial public offerings. Issues listed on the Main Board are valued higher than those on Sesdaq (Stock Exchange of Singapore Dealing and Automated Quotation). Firms choosing the auction system are valued higher than those choosing the fixed system. This paper provides evidence on the valuation of new issues in an emerging market in the Asia-Pacific region. The results are of interest to investors, investment bankers and companies seeking a listing on the Singapore Stock Exchange. We provide some insights on how new issues in the Singapore market are valued. © Blackwell Publishers Ltd. 1998.
Source Title: Journal of International Financial Management and Accounting
URI: http://scholarbank.nus.edu.sg/handle/10635/45191
ISSN: 09541314
DOI: 10.1111/1467-646X.00031
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