Skip to main content
The Signalling Process in Initial Public Offerings
Asia-Pacific Journal of Management
  • Francis KOH, Singapore Management University
  • Joseph Lim
  • Chin Neo
Publication Type
Journal Article
Publication Date
This study uses a sample of Singapore IPOs to examine the signalling process at the time of a new issue of shares. The multiple regression analysis results support three testable implications of the Grinblatt and Hwang model. We show that (1) the value of the firm is positively related to the fractional holding of the issuer, (2) the degree of underpricing is an increasing function of the variance, and (3) firm value is positively related to the degree of underpricing.
Springer Verlag
Citation Information
Francis KOH, Joseph Lim and Chin Neo. "The Signalling Process in Initial Public Offerings" Asia-Pacific Journal of Management Vol. 9 Iss. 2 (1992) p. 151 - 165 ISSN: 0217-4561
Available at: