Please use this identifier to cite or link to this item: https://hdl.handle.net/10356/63933
Title: The tender system - reduces underpricing and increases market efficiency
Authors: How, Hee Teck
Ng, Ngee Cheng
Poh, Lee Lee
Keywords: DRNTU::Business::Finance
Issue Date: 1994
Abstract: This report presents the empirical findings on the efficacy of the dual-tranche system of share flotation and/or the newly introduced "when-issued" market in increasing the proceed from new issues, reducing underpricing and improving market efficiency in Singapore. Results showed that issuers indeed raised reasonably more money on a per share basis and underpricing was reduced in the tender tranche as a consequence. Tests for market efficiency indicated that the weighted-bids does not provide significant insight into an issue's probable short-run equilibrium price while "when-issued" trading has helped to improve market efficiency.
URI: http://hdl.handle.net/10356/63933
Rights: Nanyang Technological University
Fulltext Permission: restricted
Fulltext Availability: With Fulltext
Appears in Collections:NBS Student Reports (FYP/IA/PA/PI)

Files in This Item:
File Description SizeFormat 
HOW_HEE_TECK_1994.pdf
  Restricted Access
4.53 MBAdobe PDFView/Open

Page view(s) 5

106
Updated on Dec 2, 2020

Download(s)

2
Updated on Dec 2, 2020

Google ScholarTM

Check

Items in DR-NTU are protected by copyright, with all rights reserved, unless otherwise indicated.