Tỷ suất sinh lời ngày đầu tiên đối với các thương vụ phát hành cổ phiếu lần đầu ra công chúng (IPO) của các nhà đầu tư tại Việt Nam

Authors

Nguyễn Văn Tân Trường Đại học Quốc tế Miền Đông Author
Trịnh Quốc Trung Trường Đại học Kinh tế - Luật, Đại học Quốc gia TP. Hồ Chí Minh Author
Ninh Thị Trang Trường Đại học Kinh tế - Luật, Đại học Quốc gia TP. Hồ Chí Minh Author

DOI:

https://doi.org/10.24311/jabes/2019.30.9.1325

Keywords:

Equitization, Initial public offerings, Regression method, Initial excess return, Underpricing, State-owned enterprises

Abstract

The study aims to provide empirical evidence on first-day excess return for IPO investment of investors in Vietnam, along with determining factors affecting abnormal first-day return for IPOs in Vietnam. With the selection of 167 enterprises that conducted initial public offerings in Vietnam from 2005 to 2016, the authors conclude that abnormal first-day return of investors in the IPO reached 33.30% for AR_i (Abnormal First-Day Return) and reached 23.91% for MAAR_i1 (Market-Adjusted Abnormal Returns) on average. Besides, the research results also show that abnormal first-day return for IPO investment is not the same among sectors, firm size, and pre and post economic crisis in 2008. This research applies the Bayesian model average method. The results show that factors affecting short term return for IPO investment include IPO offer price, and state ownership rate within one year after IPO.

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Published

2019-12-04

Issue

Vol. 30 No. 9 (2019): 30(9)

Section

Articles

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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

How to Cite

Nguyễn Văn Tân, Trịnh Quốc Trung, & Ninh Thị Trang. (2019). Tỷ suất sinh lời ngày đầu tiên đối với các thương vụ phát hành cổ phiếu lần đầu ra công chúng (IPO) của các nhà đầu tư tại Việt Nam. JOURNAL OF ASIAN BUSINESS AND ECONOMIC STUDIES, 30(9), 45-66. https://doi.org/10.24311/jabes/2019.30.9.1325