Purpose

This study aims to examine the changes in equity guidelines and initial returns in the Malaysian initial public offering (IPO) market.

Design/methodology/approach

The study uses cross-sectional data over 16 years from 2000 to 2016. It uses ordinary least squares for the baseline model and incorporates an interaction term, quantile regression, quadratic term, break test and logit regression model for further analysis.

Findings

The results support the propositions that lockup provisions signal commitment and demand increase initial returns. The revision in the Bumiputera equity requirement means that issuers no longer need to discount offer prices to entice investors. Finally, the revised Sharīʿah-compliance screening requirement ensures that stocks are better in quality and more transparent, leading to a higher demand that drives prices upwards.

Research limitations/implications

This study’s findings provide insights into how issuers can secure good subscriptions. Besides, policymakers should ensure that firms disclose the required information in their prospectuses.

Originality/value

This study adds to the body of knowledge on whether and how the regulatory requirements affect IPO initial returns.

中文翻译：

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法规变化对马来西亚 IPO 的影响

目的

本研究旨在研究马来西亚首次公开募股 (IPO) 市场中股票准则和初始回报的变化。

设计/方法/方法

该研究使用了从 2000 年到 2016 年 16 年的横截面数据。它使用普通最小二乘法作为基线模型，并结合交互项、分位数回归、二次项、断裂检验和 logit 回归模型进行进一步分析。

发现

结果支持锁定条款信号承诺和需求增加初始回报的命题。土著股权要求的修订意味着发行人不再需要通过折扣价来吸引投资者。最后，修订后的 Sharīʿah 合规筛选要求确保库存质量更好、更透明，从而导致更高的需求推动价格上涨。

研究限制/影响

这项研究的结果提供了有关发行人如何获得良好订阅的见解。此外，政策制定者应确保公司在招股说明书中披露所需信息。

原创性/价值

本研究增加了关于监管要求是否以及如何影响 IPO 初始回报的知识体系。