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Pricing of New Securities: Is it Accounting or Finance that Matters?

A large theoretical and empirical literature has been established to explain the reasons for under-pricing but, in the Malaysian context, minimal research has been undertaken with regard to the impact of accounting variables on under-pricing of new securities. Thus, this study plans to bridge the gap by making a comparison on the significance of accounting and finance variables on the extent of under-pricing of new securities. The empirical results suggest that P/E ratio and NTA have significant impact on under-pricing of new issues, whilst for the finance variables, only volatility of returns seem to be significant.