A study on the hot, interim, and cold IPO market periods in the Philippines during the pre-and post- Asian (1992-1996 1998-2002) and global (2003-2007 2009-2013) financial crises

Date of Publication


Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Management of Financial Institutions


Ramon V. Del Rosario College of Business


Financial Management Department

Thesis Adviser

Neriza M. Delfino

Defense Panel Chair

Vivian Y. Eleazar

Defense Panel Member

Tomas S. Tiu

Blaine Ocampo Tan


The study reviews the Philippines' three market periods or regimes of initial public offerings (hot, interim, and cold) five years before and after the 1997 Asian and 2008 Global Financial Crises. A hot period experiences peaks in prices, over subscription, and great under pricing. Naturally, the opposite goes for a cold period. If the period can neither be classified as hot nor cold, it falls under the interim period. Several journals have observed that post-crisis, the number of IPOs decrease because investors and traders are wary of the performance of equities. Additionally, since the confidence of stock market participants are hampered, private companies prefer not to be listed on the exchange. However, based on the results, researchers found more hot IPO regimes after the crises, which meant that stock market participants and issuing firms should not completely shun away from IPOs. Since there is an impending threat of another financial crisis, the study is relevant as to how entities ought to behave after the event has passed it could be a means to encourage investments in IPOs, therefore helping the economy to recover and infusing money to flow in financial systems and capital markets.

Abstract Format






Accession Number


Shelf Location

Archives, The Learning Commons, 12F, Henry Sy Sr. Hall

Physical Description

174 leaves ; 28 cm.


Financial crises--Philippines; Stock exchanges--Philippines

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