This paper presents the findings of a comparative study on the performance of the initial public offerings (IPOs) of shares listed on the Hong Kong Stock Exchange (HKX), Singapore Exchange (SGX) and Bursa Malaysia (MYX). One indicator of the success of an IPO is its subscription rate, which can be used as a proxy for the level of investor confidence in the stock being offered. This paper examin...

We model the IPO decision of an entrepreneur in an exchange economy. The entrepreneur holds a Lucas Tree, and when the IPO occurs, the market converges to a Two Trees economy built on Cochrane, Longstaff, and Santa-Clara (2008). We solve the optimal timing problem and study the diversification effects over the firm’s value and entrepreneur’s consumption. The model predicts that IPOs should be c...