Komenkul Kulabutr, Kiranand Santi
1 Rangsit University, Pathum Thani, Thailand.
2 RSU International Hospital, Bangkok, Thailand.
Inquiry. 2017 Jan 1;54:46958017727105. doi: 10.1177/0046958017727105.
We examine the evidence from the long-run abnormal returns using data for 76 health care and biopharmaceutical initial public offerings (IPOs) listed in a 29-year period between 1986 and 2014 in the Association of Southeast Asian Nations (ASEAN) countries such as Indonesia, Malaysia, Singapore, Thailand, the Philippines, Vietnam, Myanmar, and Laos. Based on the event-time approach, the 3-year stock returns of the IPOs are investigated using cumulative abnormal return (CAR) and buy-and-hold abnormal return (BHAR). As a robustness check, the calendar-time approach, related to the market model as well as Fama-French and Carhart models, was applied for verifying long-run abnormal returns. We found evidence that the health care IPOs overperform in the long-run, irrespective of the alternative benchmarks and methods. In addition, when we divide our sample into 5 groups by listing countries, our results show that the health care stock prices of the Singaporean firms behaved differently from those of most of the other firms in ASEAN. The Singaporean IPOs are characterized by a worse post-offering performance, whereas the IPOs of Malaysian and Thai health care companies performed better in the long-run.
我们利用1986年至2014年这29年间在印度尼西亚、马来西亚、新加坡、泰国、菲律宾、越南、缅甸和老挝等东盟国家上市的76家医疗保健和生物制药首次公开募股（IPO）的数据，研究了长期异常回报的证据。基于事件时间方法，使用累积异常回报（CAR）和买入并持有异常回报（BHAR）对IPO的三年股票回报进行了调查。作为稳健性检验，采用了与市场模型以及法玛-弗伦奇和卡哈特模型相关的日历时间方法来验证长期异常回报。我们发现，无论采用何种替代基准和方法，医疗保健IPO在长期内都表现出色。此外，当我们按上市国家将样本分为5组时，我们的结果表明，新加坡公司的医疗保健股票价格与东盟大多数其他公司的表现不同。新加坡的IPO具有较差的发行后表现，而马来西亚和泰国医疗保健公司的IPO在长期内表现较好。
