Chulalongkorn University Theses and Dissertations (Chula ETD)
Other Title (Parallel Title in Other Language of ETD)
การเสนอขายหุ้นครั้งแรกของบริษัทมีความอ่อนไหวต่อความกลัวการระบาดของ COVID-19 ในตลาดเกิดใหม่อย่างไร?
Year (A.D.)
2021
Document Type
Independent Study
First Advisor
Boonlert Jitmaneeroj
Faculty/College
Faculty of Commerce and Accountancy (คณะพาณิชยศาสตร์และการบัญชี)
Department (if any)
Department of Banking and Finance (ภาควิชาการธนาคารและการเงิน)
Degree Name
Master of Science
Degree Level
Master's Degree
Degree Discipline
Finance
DOI
10.58837/CHULA.IS.2021.88
Abstract
This study investigates the relationship between COVID-19-related pandemic fear and the short-term performance of initial public offerings in emerging markets. This paper investigates whether the short-term fear of COVID-19 continues to influence post-IPO performance. In doing so, the fundamental methodology is cross-sectional ordinary least squares (OLS) regression and numerous variables are included to the model as control variables. The results show that whether looking at the first-day trading price of an IPO or the subsequent trading prices, the effect of pandemic fear (GFI, RCI and RDI) was positive. However, results were somewhat different for HighGFI, which was a dummy variable indicating severity of fear as they were negative in all cases. These results conclude that investors are not making IPO decisions in the first few days, but that over time the effect of high pandemic fear accumulates and suppresses subsequent trading prices.
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Recommended Citation
Vachekrilas, Kavisara, "How sensitive are IPOs to the fear of the COVID-19 pandemic in emerging markets?" (2021). Chulalongkorn University Theses and Dissertations (Chula ETD). 7704.
https://digital.car.chula.ac.th/chulaetd/7704