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DOES OWNERSHIP STRUCTURE EFFECT IPO UNDERPRICING: EVIDENCE FROM THAI IPOS
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Sundar Venkatesh, Suman Neupane 
Abstract
The study utilizes a unique set of IPOs data in Thailand post Asian Financial crises to identify the relationship between initial market adjusted underpricing and the ownership concentration. We find that a weak but a negative relationship exists between the two and therefore to certain extent refuting the signaling hypothesis of high ownership and high underpricing. We employ a rank correlation to identify the association between the two variables. A regression model using the widely used proxies of information asymmetry model fails to up hold the information asymmetry model in the context of Thai IPOs.
Keywords: Underpricing, Ownership Concentration, Information Asymmetry Model, Thailand, Emerging Markets
How to cite this paper: Venkatesh, S., & Neupane, S. (2006). Does ownership structure effect IPO underpricing: Evidence from Thai IPOs. Corporate Ownership & Control, 3(2), 106-115. https://doi.org/10.22495/cocv3i2p11
