ความสัมพันธ์ระหว่างผู้จัดจำหน่ายหลักทรัพย์ที่เกี่ยวข้องกับธนาคารและผลตอบแทนจากการเสนอขายหลักทรัพย์ต่อสาธารณะเป็นครั้งแรก

Abstract

The purpose of this study is to investigate the relationship between bank affiliated underwriters and the short-run and long-run returns from initial public offerings (IPOs) in Thailand, using 227 IPOs from the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai) from 2007 to 2017. This study classifies the relationship between bank affiliated underwriters and IPO returns into three categories: certification, naive investor, and discounting for conflicts of interest, based on the results of mean difference tests and multiple regression analysis. The results of mean difference tests show that, IPOs issued by bank affiliated underwriters render significantly lower short-run returns than IPOs issued by bank unaffiliated underwriters but there are no significant differences in long-run returns between IPOs issued by bank affiliated underwriters and IPOs issued by bank unaffiliated underwriters. The results of multiple regression analysis show that bank affiliated underwriters have no significant influence on IPO short-run returns and long-run returns. According to the findings, the relationship between bank affiliated underwriters and returns from IPOs in Thailand falls under the category of certification. The results indicate that the investors and the underwriters have equal access to the information, and the investors see no conflicts of interest in bank affiliated underwriters.