From the table above, it shows that firms listed in Hong Kong on average have higher gross
proceeds and shorter listing time lag than Singapore. This conclusion is also consistent from
the comparison of median values of gross proceed and listing time lag for both countries. This
supports the ex ante uncertainty theory and our hypothesis 4, 6 and 6a from Ritter (1984) and
Beatty and Ritter (1986) where firms with higher gross proceed and longer listing time lag
will underprice more due to greater valuation uncertainty