A review of IPO research in Asia: What's next?

This paper examines the current status of research on IPOs in general, with special focus on Asian IPOs. As in the case of U.S. IPOs, most past studies on Asian IPOs deal with the issue of under-pricing in IPOs and the factors, usually unique to Asian IPOs, that can explain the levels of the IPO under-pricing. Studies on long-term IPO performances are also carried out with results not always consistent with long-term underperformance observed in the U.S. In general, research on Asian IPOs is still quite preliminary with many IPO phenomena discovered in the U.S. are not fully investigated. This paper also suggests some possible areas of IPO research in the future.