The First Day Returns on Initial Public Offerings in Stock Exchange of Thailand

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Karnjana Songwathana
Sairung Keawsang


This research aims to study factors that influence the first day
return of Initial Public Offering (IPO) in Stock Exchange of Thailand (SET).
The study uses IPO data from 2009 to 2016 with a total of 101 stocks.
Regression analysis examines factors influencing the first day return of
IPO. The results shows that factors that influence the first day return of
IPO consisted of initial price, offer size, the age of company, and SET
Index of the first day. Meanwhile, interest rate, foreign direct investment

index and manufacturing index have no significant impact on the
first day return of IPO.


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Article Details

บทความวิจัย (Research Articles)
Author Biography

Karnjana Songwathana, Bangkok University

Department of Economics, Bangkok University


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