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• W2136516188 abstract "ABSTRACT The result of this study reveals an evidence of long run underperformance of equity private placements in Malaysia using market index as a benchmark. When the firms are matched to firms with similar size and market-to-book, they neither over-perform nor underperform the matching firms over the three-year period under the equal-weighting scheme. However, a considerable difference exists between the CARs and BHARs under the value-weighting scheme. Unlike previous studies that find small firms underperform more than large firms, results of this study show the opposite. We find that large firms show greater degree of underperformance than small firms. The result definitely does not conform to the widely acceptable idea that smaller firms are more likely to issue equity when they are overvalued due to higher degree of information asymmetry. Further results indicate that the underperformance is driven by the outlier in the sample. When it is excluded from the sample, no significant result is detected for the two-year period. Nevertheless, it is interesting to note that for both CAR and BHAR, the underperformance under equal-weighted scheme is worse when the returns are benchmarked against market index but in sharp contrast, the underperformance under value-weighted scheme is worse when the returns are benchmarked against matching firms. ABSTRAK Keputusan kajian menunjukkan prestasi jangka panjang syarikat-syarikat Malaysia yang menerbitkan tawaran persendirian ekuiti adalah lebih rendah berbanding dengan indeks pasaran. Tiada sebarang keputusan signifikan dicatatkan apabila syarikat-syarikat padanan saiz and nisbah nilai pasaran kepada nilai buku digunakan untuk jangka masa tiga tahun bagi skim berwajaran sama. Walau bagaimanapun, wujud perbezaan antara pulangan abnormal kumulatif (CAR) dan pulangan abnormal belian-pegangan (BHAR) bagi skim berwajaran nilai. Keputusan kajian ini menunjukkan keputusan yang bercanggah dengan kajian-kajian terdahulu di mana prestasi syarikat-syarikat kecil adalah lebih teruk berbanding dengan syarikat-syarikat besar. Keputusan ini adalah tidak selari dengan pendapat bahawa syarikat-syarikat kecil lebih cenderung menerbitkan ekuiti terlebih nilai (overvalued) disebabkan oleh maklumat tidak seimbang (information asymmetry) yang lebih tinggi. Keputusan kajian ini juga dipengaruhi oleh data ekstrem (outlier), yang mana apabila data ini dikeluarkan, tiada keputusan signifikan yang direkodkan. Sesuatu yang menarik adalah untuk skim berwajaran sama, pulangan yang rendah dicatatkan bagi indeks pasaran tetapi bagi skim berwajaran nilai, pulangan yang rendah dicatatkan bagi syarikat-syarikat padanan." @default.
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• W2136516188 date "2011-01-01" @default.
• W2136516188 modified "2023-09-26" @default.
• W2136516188 title "The Long Run Share Price Performance of Malaysian Firms Issuing Equity Private Placements" @default.
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• W2136516188 doi "https://doi.org/10.17576/pengurusan-2011-33-08" @default.
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