IPO underpricing and short-term performance: a comparative analysis during the COVID-19 pandemic and pre-pandemic period in ASEAN

This research provides an in-depth analysis of IPO underpricing and its short-term performance within the ASEAN region, focusing on a comparative study between the pre-pandemic period and the COVID-19 pandemic era. Utilizing a comprehensive dataset of 625 IPOs—327 from the pre-pandemic phase and 298 from the pandemic period—this study investigates the underlying shifts in market dynamics and performance metrics during these distinct periods. Advanced multivariate regression models and rigorous robustness tests are employed to elucidate the differences in underpricing patterns between developed and emerging markets prior to the pandemic, and the observed convergence during the pandemic. The findings reveal that underpricing is significantly influenced by firm-specific characteristics such as age and market capitalization, with notable disparities in performance correlations across different economic landscapes. This research contributes to the existing body of knowledge by enhancing the understanding of capital market behaviors in times of crisis, and it highlights the necessity for further investigation into the mechanisms of market corrections and dynamics across varied economic contexts.

本研究对东南亚国家联盟（Association of Southeast Asian Nations, ASEAN）区域内的首次公开发行（Initial Public Offering, IPO）抑价现象及其短期表现展开深入剖析，重点围绕新冠疫情（COVID-19 pandemic）前时期与疫情流行阶段开展对比研究。本研究采用涵盖625笔首次公开发行的综合数据集，其中疫情前阶段样本327笔、疫情期间样本298笔，旨在探究这两个截然不同时期内市场动态与绩效指标的潜在变化。本研究运用高级多元回归模型与严格的稳健性检验，以阐明疫情前发达市场与新兴市场之间的抑价模式差异，以及疫情期间观测到的市场趋同现象。研究结果显示，新股抑价程度显著受企业年龄、市值等个体特征影响，且不同经济语境下的绩效关联存在显著差异。本研究通过深化对危机时期资本市场运行规律的认知，为现有学术研究体系作出贡献，并强调了针对不同经济语境下市场修正机制与动态开展进一步研究的必要性。