Moderating Effect of Information Asymmetry on the Signalling Role of IPO Lockup Provision (Record no. 52899)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 02220nam a2200229 4500 |
| 003 - CONTROL NUMBER IDENTIFIER | |
| control field | OSt |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20191122123845.0 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION | |
| fixed length control field | 191122b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Yahya, Norliza Che |
| 9 (RLIN) | 34123 |
| 245 ## - TITLE STATEMENT | |
| Title | Moderating Effect of Information Asymmetry on the Signalling Role of IPO Lockup Provision |
| 300 ## - PHYSICAL DESCRIPTION | |
| Extent | 917-932 p. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc | This article examines the moderating effect of information asymmetry on the relationship between parameters of lockup provision and flipping activity of Malaysian initial public offerings (IPOs). While the main purpose of lockup provision is to promote commitment of major shareholders for the well-being of the IPO issuing companies at least throughout the lockup period, its role could also extend as a signalling device. Information asymmetry is prevalent in the context of IPOs because information on the issuing firms is normally very limited that the evaluation of the firms’ true value becomes difficult. This study postulates that the lockup provision has a greater influence on flipping activity in higher information asymmetry companies than in lower ones. Using data from 370 Malaysian IPOs issued from January 2000 to December 2012, the results of the multiple regression analyses show that both lockup ratio and lockup period have significantly negative impacts on flipping activities. Since lockup period is uniformly longer (1 year) prior to the 2008 Equity Guidelines revision, the results imply that investors have a greater tendency to flip during the post-2008 revision period when major shareholders are perceived to be less strongly accounted for their firms’ performance. The results also show that information asymmetry moderates the negative relationship between lockup provision and flipping activity, specifically, in regard to lockup period. |
| 653 ## - INDEX TERM--UNCONTROLLED | |
| Uncontrolled term | Information asymmetry |
| Uncontrolled term | lockup provision |
| Uncontrolled term | lockup ratio |
| Uncontrolled term | lockup period |
| Uncontrolled term | flipping activity |
| Uncontrolled term | Malaysian IPOs |
| 700 ## - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Rahim,Ruzita, Abdul |
| 9 (RLIN) | 35034 |
| 773 0# - HOST ITEM ENTRY | |
| Host Biblionumber | 29349 |
| Host Itemnumber | 77276 |
| Main entry heading | BANIK, ARINDAM |
| Place, publisher, and date of publication | NEW DELHI SAGE PUBLISHING PVT. LTD. |
| Other item identifier | 55511087 |
| Title | GLOBAL BUSINESS REVIEW |
| International Standard Serial Number | 0972-1509 |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) | |
| Source of classification or shelving scheme | Dewey Decimal Classification |
| Koha item type | Journal Article |
| Withdrawn status | Lost status | Source of classification or shelving scheme | Damaged status | Not for loan | Home library | Current library | Date acquired | Total Checkouts | Full call number | Barcode | Date last seen | Price effective from |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dewey Decimal Classification | Main Library | Main Library | 22/11/2019 | Vol 20, No 4/ 55511087JA6 | 55511087JA6 | 22/11/2019 | 22/11/2019 |