1、1本科毕业论文外文翻译外文文献译文吉大港证券交易所IPO抑价的实证研究资料来源国际金融杂志作者MDAMINULISLAM；RUHANIALI；ZAMRIAHMAD4实证研究关于IPO抑价现象，众所周知，它既存在于西方国家的发达市场，也存在于新兴国的证券市场，如孟加拉国。有关IPO高抑价的研究很早就被载于与达卡证券交易所。ISLAM1999研究表明1994至1999期间，IPO的平均初始回报率为1161，标准差为26194。近几年，HOQUE和MUSA2002研究发现，在1994到2001期间，首次公开上市基金的抑价率高至28521。针对初始高回报现象产生的原因及影响因素，学者们作了很多研究。其
2、中的影响因素包括有发行规模（MEGGINSONRUHANIALIZAMRIAHMAD4RESEARCHMETHODOLOGYWITHREGARDTOINITIALRETURNS,UNDERPRICINGFORIPOSISAWELLKNOWNPHENOMENONBOTHINADVANCEDMARKETSINWESTERNCOUNTRIESANDALSOINEMERGINGMARKETSUCHASBANGLADESHSTUDIESONDHAKASTOCKEXCHANGEEARLIERDOCUMENTEDHIGHERDEGREEOFUNDERPRICINGISLAM1999DOCUMENTEDTHA
3、TTHEAVERAGEINITIALRETURNSIS11601PERCENTWITHASTANDARDDEVIATIONOF26194PERCENTDURINGTHEPERIODBETWEEN19941999INARECENTSTUDY,HOQUEANDMUSA2002FINDTHATDURINGTHEPERIODBETWEEN1994AND2001,THEIPOSOFDSEWASLARGELYUNDERPRICED28521ATTEMPTSWEREMADETOEXAMINETHEREASONSFORTHEINITIALHIGHRETURNSOFTHESENEWISSUESOFFERSIZE
4、MEGGINSONBARRYMEGGINSONLOGUE,1973MCDONALDBALWINDERSINGHANDMITTAL,2003,ANDTHEVOLATILITYOFTHEPOSTOFFERRETURNRITTER,1984HAVEALLBEENASSOCIATEDWITHIPOUNDERPRICINGRECENTLY,TAUFIL2007CONDUCTEDEMPIRICALTESTSONTHERELATIONSHIPBETWEENREGULATIONSANDUNDERPRICINGUSING546INITIALPUBLICOFFERINGSONTHEKUALALUMPURSTOCK
5、EXCHANGEFROM1990TO2002ANDFINDSTHATTHELENGTHOFTIMEFROMPRICESETTINGTOLISTINGDATEISNEGATIVELYRELATEDTOUNDERPRICINGADDITIONTOTHESEFACTORS,THERESEARCHEREXPECTSSIZEOFTHEFIRMASTHEREISNODIVISIONOFMAINBOARDANDSECONDBOARDINBANGLADESHANDTHETYPEOFINDUSTRYASTHEREISEVIDENCEOFSECTORALDOMINANCEAMONGTHELISTEDFIRMSTO
6、BEPOSITIVELYRELATEDTOUNDERPRICINGTHEREFORE,THEFOLLOWINGHYPOTHESESAREPROPOSEDH1IPOSLISTEDWITHDSEAREUNDERPRICEDH2THEREISAPOSITIVERELATIONSHIPBETWEENAGEOFFIRMSANDDEGREEOFUNDERPRICING1H3THELARGERTHESIZEOFOFFER,THELOWERTHEUNDERPRICINGH4THEREISARELATIONSHIPBETWEENTIMINGOFOFFERANDDEGREEOFUNDERPRICINGH5THEL
7、ARGERTHESIZEOFFIRM,THELOWERTHEUNDERPRICINGH6THEREISASIGNIFICANTDIFFERENCEBETWEENIPOSINDIFFERENTINDUSTRYANDDEGREEOFUNDERPRICINGTHEUNDERPRICING/OVERPRICINGWASMEASUREDBYTAKINGTHEDIFFERENCEOFTHECLOSINGPRICEATTHESPECIFICDATEINQUESTIONWITHTHEOFFERINGPRICEANDDIVIDEDBYTHEOFFERPRICEASSHOWNBELOWRJ,TPJ,TPJ,0/P
8、J,0WHERERJ,TISTHERETURNOFSTOCKJINTHEPERIODT,PJ,TISTHEPRICEOFSTOCKJATTHEPERIODT,ANDPJ,0ISTHEOFFERPRICEOFSTOCKJMULTIPLEREGRESSIONWASEMPLOYEDTOFINDOUTFACTORSTHATSIGNIFICANTLYAFFECTUNDERPRICINGATBANGLADESHCAPITALMARKETTHEMODELISDESCRIBEDBELOWUND01AOF2SOF3SOFF4TIME5TYPEWHERE,UNDUNDERPRICING/OVERPRICING,A
9、OFAGEOFTHEFIRM,SOFSIZEOFTHEFIRM,SOFFSIZEOFTHEOFFER,TIMETIMINGOFTHEOFFER,ANDTYPETYPEOFINDUSTRYAGEOFTHEFIRMWASCOMPUTEDFROMTHEDATEOFINCORPORATIONTOTHEDATEOFIPODAVID,2002THECOMPANYSIZEWASMEASUREDBYUSINGTHENETASSETSOFTHECOMPANYINTHEYEAROFIPOASDONEBYKHURSHID,MUDAMBIANDGEORGEN1999TIMINGOFOFFERWASMEASUREDBY
10、BALWINDERSINGHANDMITTAL,2003ANDTAUFIL2007ASTHETIMETAKENFROMTHEDATEOFLISTINGTOTHEOFFERDATETHISSTUDYEXAMINEDNEWCOMPANIES,WHICHWERELISTEDONTHECSEFORTHEPERIOD19952005ALLTHEDATAUSEDINTHISSTUDYWILLBESECONDARYDATAGATHEREDFROMPROSPECTUSES,CSEDAILYDIARIES,CSEANDSECWEBSITES,ANDANNUALREPORTOFLISTEDCOMPANIESTHE
11、POPULATIONOFTHISSTUDYINCLUDESALLLISTEDCOMPANIESINTHECSETHISSTUDYINCLUDESIPOISSUERSINALLSECTORSSUCHASFINANCIALSECTORTHATINCLUDEBANK,INSURANCEANDINVESTMENTMANUFACTURINGSECTORTHATINCLUDECEMENT,ENGINEERING,CERAMICS,FOODANDALLIEDPRODUCTS,JUTE,PAPERANDPRINTING,PHARMACEUTICALSANDCHEMICALS,TANNERYINDUSTRYAN
12、DTEXTILESFINALLYSERVICE1MISCELLANEOUSTHATINCLUDEFUELANDPOWER,IT,SERVICESANDREALESTATES,ANDMISCELLANEOUSTHEOBJECTIVEOFTHISSTUDYISTOGAUGETHENEWISSUESTOCKPRICEBEHAVIORINIPOFIRMSASLISTEDINTHECSETHISRESEARCHALSOSERVESTOEXAMINETHEDETERMINANTSOFUNDERPRICINGINTHECHITTAGONGSTOCKEXCHANGE5RESULTSTHESAMPLEDATAI
13、SCONSISTEDOFCOMPANIESTHATARELISTEDINTOCSEBETWEENTHEPERIODSOF1995TO2005TABLE4PRESENTSTHESAMPLEPROFILEOFLISTEDCOMPANIESINTHESAMPLEPERIODATCSETABLE4TABLE4NEWISSUESONANINDUSTRYTOINDUSTRYBASISYEARSECTOR19951996199719981999200020012002200320042005TOTALFINANCIAL140903010004030004090652MANUFACTURING05120302
14、0201000201000028FOODANDALLIEDPRODUCTS040602020001030200000020PAPERANDPRINTING000101000201010000000006PHARMACEUTICALANDCHEMICALS060403000000010101000117TANNERYANDTEXTILES151204000301020200010040SERVICESANDMISC070502000100020106020127TOTAL5149180508081208121208191TABLE4SHOWSTHATTHEHIGHESTNUMBEROFCOMPA
15、NIESTHATWERELISTEDWITHTHECHITTAGONGSTOCKEXCHANGEWASFROMTHEFINANCIALSECTORTHEREWERE53COMPANIESLISTEDDURINGTHISPERIODFINANCIALSECTORINCLUDESBANKS,INSURANCE,FINANCE,LEASINGANDINVESTMENTCOMPANIESTHENEXTHIGHESTNUMBEROFCOMPANIESTHATWERELISTED1WITHCSEWASFROMTANNERYANDTEXTILECOMPANIESTANNERYANDTEXTILECOMPAN
16、IESINCLUDETEXTILES,SPINNING,LEATHERANDFOOTWEARSTHEREWERE40COMPANIESLISTEDINTHECSEDURINGTHISPERIODTHE3RDLARGESTSECTORWASMANUFACTURINGTHEREWERE28COMPANIESLISTEDDURINGTHESAMPLEPERIODINTOTHECSETHENEXTHIGHESTCONTRIBUTINGLISTINGWASFROMTHEMISCELLANEOUSTHEREWERE27COMPANIESLISTEDWITHCSEFROMTHISSECTORDURINGTH
17、ISPERIODTHELOWESTNUMBEROFCOMPANIESTHATWERELISTEDINTHECSEDURINGTHESAMPLEPERIODWASPAPERANDPRINTINGSECTORTHEREWEREONLYSIXCOMPANIESLISTEDDURINGTHISPERIODTHEREWERE51COMPANIESLISTEDDURINGTHEYEAR1995THISISTHEYEARTHECHITTAGONGSTOCKEXCHANGEWASLAUNCHEDTHENEXTHIGHESTLISTINGWASIN1996THEREWERE49COMPANIESLISTEDWI
18、THCSEDURINGTHISYEARTHENEXTHIGHESTCONTRIBUTINGYEARINTERMSLISTINGWAS1997THEREWERE18COMPANIESLISTEDDURINGTHISYEARAFTERTHATTHENUMBEROFCOMPANIESLISTEDWITHTHECHITTAGONGSTOCKEXCHANGEATTHEAVERAGERATEOF10COMPANIESAYEARTHELOWESTNUMBEROFCOMPANIESLISTEDINTHEYEAR1998THEREWEREONLYFIVECOMPANIESLISTEDINTHISYEARINTH
19、ECHITTAGONGSTOCKEXCHANGE51LEVELOFUNDERPRICING/OVERPRICINGTHISSECTIONPRESENTSTHELEVELOFUNDERPRICINGANDOVERPRICINGINTHECHITTAGONGSTOCKEXCHANGETHEOVERALLLEVELOFUNDERPRICINGATTHECHITTAGONGSTOCKEXCHANGEWAS48072WITHASTANDARDDEVIATIONOF121725THEREWERE1739057IPOSUNDERPRICEDANDONLY16837WEREOVERPRICEDTHEOVERA
20、LLLEVELOFOVERPRICINGWAS1787WITHASTANDARDDEVIATIONOF1414THEREWEREONLYTWO104IPOSWHERETHE1STDAYOPENINGPRICESWERESAMEASTHEISSUEPRICETABLE5PRESENTSTHEOVERALLLEVELOFUNDERPRICING/OVERPRICINGATTHECHITTAGONGSTOCKEXCHANGETABLE5TABLE5OVERALLLEVELSOFIPOUNDERPRICINGANDOVERPRICINGNUMBEROFCOMPANIESMEANLEVELOFUNDER
21、PRICINGMAXIMUMMINIMUMSTANDARDDEVIATIONUNDERPRIC173480712611900001001217244661INGOVERPRICING1617875020050001413683SIMILARPRICING02000000000000TOTAL19143391251190000500011672595THEMAXIMUMLEVELOFUNDERPRICINGATCSEWAS11900ANDMINIMUMLEVELOFUNDERPRICINGWAS1THEMAXIMUMLEVELOFOVERPRICINGATDSEWAS50WHEREBYTHEMI
22、NIMUMLEVELOFOVERPRICINGWAS2511IPOUNDERPRICINGONYEARLYBASISTHEHIGHESTDEGREEOFUNDERPRICINGATTHECHITTAGONGSTOCKEXCHANGEWASREGISTEREDINTHEYEAR1996100669WITHASTANDARDDEVIATIONOF205305THEREWERE20COMPANIESLISTEDINTHISYEARTHENEXTHIGHESTLEVELOFUNDERPRICINGWASRECORDEDINTHEYEAR199549041WITHASTANDARDDEVIATIONOF
23、90510THEREWERE48COMPANIESLISTEDWITHDSEINTHISYEARTHECSEWASLAUNCHEDINTHISYEARTHE3RDHIGHESTLEVELOFIPOUNDERPRICINGATDSEWASRECORDEDINTHEYEAR200443876WITHASTANDARDDEVIATIONOF46636THEREWERE11COMPANIESLISTEDINTHISYEARTHENEXTHIGHESTLEVELOFUNDERPRICINGRECORDEDINTHEYEAR2005WHICHRECORDEDUNDERPRICINGOF29040WITHA
24、STANDARDDEVIATIONOF19044TABLE6PRESENTSTHEIPOUNDERPRICINGONAYEARLYBASISAMONGCSELISTEDCOMPANIESTHELOWESTNUMBEROFUNDERPRICINGRECORDEDINTHEYEAR1998THELEVELOFUNDERPRICINGWAS1133WITHASTANDARDDEVIATIONOF777TABLE6TABLE6IPOUNDERPRICINGONAYEARLYBASISYEARNUMBEROFCOMPANIESMEANLEVELOFUNDERPRICINGSTANDARDDEVIATIO
25、NMAXIMUMMINIMUM199548490416790509892510000200199620100669572053048721190000500199717172705926075006950003001998031133337767452000500119990613500001722951048000300020000816762504172813212000010020011184340991616882900090020020746571443488911130010020031037175029134769625100200411438764046636044150000
26、100020050629039681904414956000384220061014137679854854372006000200714281000021216189695001800512IPOOVERPRICINGONYEARLYBASISTHEHIGHESTLEVELOFOVERPRICINGRECORDEDATTHECHITTAGONGSTOCKEXCHANGEINTHEYEAR20033250WITHASTANDARDDEVIATIONOF2475THEREWERETWOIPOS1667OVERPRICEDINTHISYEAROUTOFTWELVECOMPANIESLISTEDAT
27、DSETHESECONDHIGHESTNUMBEROFIPOSTHATWEREOVERPRICEDWASTHEYEAR19963200WITHASTANDARDDEVIATIONOF1131THEREWERETWO11COMPANIESOUTOFTWENTYTWOCOMPANIESLISTEDINTOCSEINTHISYEARTHELOWESTLEVELOFOVERPRICINGRECORDEDINTHEYEAR20044513IPOUNDERPRICINGONINDUSTRYBASISTHEHIGHESTLEVELOFUNDERPRICINGRECORDEDATTHECHITTAGONGST
28、OCKEXCHANGEWASTHEMANUFACTURINGSECTOR97184WITHASTANDARDDEVIATIONOF220736THEREWEREFORTYSEVENCOMPANIESUNDERPRICEDFROMTHISSECTORTHENEXTHIGHESTLEVELOFUNDERPRICINGREGISTEREDINTHEFOODANDALLIEDPRODUCTSSECTOR63977WITHASTANDARDDEVIATIONOF137383THEREWERE18COMPANIESUNDERPRICEDFROMTHISSECTORTHESERVICESANDMISCELL
29、ANEOUSSECTORRECORDEDTHENEXTHIGHESTLEVELOFUNDERPRICING58399WITHASTANDARDDEVIATIONOF129195THEREWERE23IPOSLISTEDINTHISSECTORDURINGTHESAMPLEPERIODTHELOWESTLEVELOFUNDERPRICINGRECORDEDINTHEPAPERANDPRINTINGSECTOR18083WITHASTANDARDDEVIATIONOF30615TANNERYANDTEXTILESSECTORRECORDEDTHENEXTLOWESTLEVELOFUNDERPEIC
30、ING22571WITHSTANDARDDEVIATIONOF40490THEREWERE34IPOS1UNDERPRICEDINTHISSECTORTABLE7TABLE7IPOUNDERPRICINGONANINDUSTRYBASISINDUSTRYNUMBEROFCOMPANIESMEANLEVELOFUNDERPRICINGSTANDARDDEVIATIONMAXIMUMMINIMUMFINANCIAL47324624684248633580000100MANUFACTURING2897183932207363071190000100FOODANDALLIEDPRODUCTS18639
31、77781373826245100001000PAPERANDPRINTING06180833333061525280000900PHARMACEUTICALANDCHEMICALS16433588554081152181000100TANNERYANDTEXTILES34225713240490114159500300SERVICESANDMISC235839876129194616600000200TOTAL17348071261217244661190000100514IPOOVERPRICINGONINDUSTRYBASISTHEHIGHESTLEVELOFOVERPRICINGATT
32、HECHITTAGONGSTOCKEXCHANGERECORDEDINTHEFOODANDALLIEDPRODUCTSSECTOR2550WITHASTANDARDDEVIATIONOF1061THEREWERETWOCOMPANIESOVERPRICEDINTHISSECTORDURINGSAMPLEPERIODTHEHIGHESTNUMBEROFCOMPANIESOVERPRICEDRECORDEDINTHEFINANCIALSECTORTHEREWEREFIVE1219COMPANIESOVERPRICEDINTHISSECTOROUTOF41LISTEDCOMPANIESTHELOWE
33、STLEVELOFOVERPRICINGWASRECORDEDINTHEPHARMACEUTICALSANDCHEMICALSECTOR5THEREWASONLYONE588IPOOVERPRICEDOUTOF17LISTEDIPOSTHEREWERENOOVERPRICEDIPOSINTHEMANUFACTURINGSECTORDURINGTHESAMPLEPERIOD515DETERMINANTSOFUNDERPRICINGMULTIPLEREGRESSIONANALYSISWASUSEDTOFINDOUTWHETHEROFFERSIZE,SIZEOFTHECOMPANY,YEARSOFO
34、PERATIONBEFORELISTING,TIMINGOFOFFERANDSECTORHAVEANY1SIGNIFICANTEFFECTONTHEDEGREEOFUNDERPRICINGOROVERPRICINGATCHITTAGONGSTOCKEXCHANGETABLE8PRESENTSTHERESULTSOFREGRESSIONANALYSISTABLE8BASEDONTHEREGRESSIONANALYSISRESULTSOFFERSIZEISFOUNDTOBESIGNIFICANTWITHANEGATIVEBETAAT5SIGNIFICANCELEVELSIGT000THISINDI
35、CATESTHATOFFERSIZEHASSIGNIFICANTNEGATIVEEFFECTONTHEDEGREEOFUNDERPRINGATTHEDHAKASTOCKEXCHANGETHEREFOREHYPOTHESIS3ONCHITTAGONGSTOCKEXCHANGEISSUBSTANTIATEDSIZEOFTHECOMPANYISFOUNDTOBESIGNIFICANTAT5SIGNIFICANCELEVELSIGT017WITHAPOSITIVEBETATHISMEANSTHATSIZEOFTHECOMPANYPOSITIVELYINFLUENCESTHEDEGREEOFUNDERP
36、RICINGATDHAKASTOCKEXCHANGETHEREFOREHYPOTHESIS5ISACCEPTEDDUMMYVARIABLESWERECREATEDFORSECTORSTHATCOMPANIESARELISTEDATCHITTAGONGSTOCKEXCHANGEBECAUSEITWASACATEGORICALVARIABLESIXDUMMIESWERECREATEDFORCSESECTORSREGRESSIONANALYSISRESULTSSHOWTHATTHESECTORTHATACOMPANYBELONGSTOHASSIGNIFICANTEFFECTONTHEDEGREEOF
37、UNDERPRICINGAT5SIGNIFICANCELEVELTHEREFOREHYPOTHESIS6ISSUBSTANTIATEDYEARSOFOPERATIONBEFORELISTINGINTOTHECSEWEREALSOFOUNDTOHAVEASIGNIFICANTEFFECTSIGT020ONTHEDEGREEOFUNDERPRICINGATCHITTAGONGSTOCKEXCHANGETHEREFOREHYPOTHESIS2WASACCEPTEDTIMINGOFOFFERWASFOUNDTOHAVENOSIGNIFICANTEFFECTONTHEDEGREEOFUNDERPRICI
38、NGATTHECSETHEREFOREHYPOTHESIS4WASNOTSUBSTANTIATEDTHERSQUAREWAS328THISMEANSTHATAGEOFTHEFIRM,TIMINGOFOFFER,OFFERSIZE,SIZEOFTHECOMPANYANDSECTORTHATACOMPANYLISTEDINTOCANEXPLAIN328VARIATIONSOFTHEDEGREEOFUNDERPRICINGATTHEDHAKASTOCKEXCHANGETHISINDICATESTHATTHEREAREOTHERFACTORSTHATMAYEXPLAIN672VARIATIONSOFT
39、HEDEGREEOFUNDERPRICINGATTHEDHAKASTOCKEXCHANGEINITIALLYTHERSQUAREWASLOWDUETOTHEOUTLIERSOUTLIERSWERETHENTAKENOUTANDRSQUAREINCREASEDSIGNIFICANTLYTHEDURBINWATSONFALLSWITHINTHEACCEPTABLERANGE1542THEREFORETHEREWASNOSERIALCORRELATIONPROBLEMINTHEDATATHEVIF110,TOLERANCE011ANDTHECONDITIONINDEX7029ALLFELLINTOT
40、HEACCEPTABLERANGEHENCETHEREWASNOMULTICOLLENIARITYPROBLEMINTHEREGRESSIONMODELTHEHISTOGRAMSHOWSTHATDATA1WERENORMALLYDISTRIBUTEDSCATTERPLOTSHOWSTHATDATAWERENOTCONCENTRATEDANDTHEREFORETHEREWASNOHOMOSCEDASTICITYINTHEDATANORMALPPPLOTSHOWSTHATTHEDATAWERELINEARTHEFVALUEWASLARGE3850ANDFOUNDTOBESIGNIFICANTAT1SIGNIFICANCELEVELSIGF000THESEALLCONSTRUCTTHATTHEREGRESSIONMODELUSEDFORTHEANALYSISWASFITORINANOTHERWORDTHEREWASANADEQUATEMODEL
