For example, the mean (median) market capitalization in real dollars for our sample of Main Board firms at the time of their listings is US$315.4 million (US$71.6 million), compared to US$30.6 million (US$20.5 million) for SESDAQ
firms that are listed over the same period.
4 Similarly, stocks listed on the SESDAQ
(the equivalent of NASDAQ) in New York are not included in the tests).
These aggressive investors sent small cap indices soaring last year -- Japan's Jasdaq up 244 per cent, Kosdaq up 235 per cent, Singapore's Sesdaq
up 173 per cent -- and gave Malaysia and Hong Kong the incentive to set up new exchanges.
Listed on the Stock Exchange of Singapore Dealing and Automated Quotation System "SESDAQ
" (now known as the SGX Catalist) in 2001, TEE was upgraded to the SGX Mainboard in 2008.
This was despite the GEM underperforming Asian counterparts, like Taipei's Taisdaq and Singapore's Sesdaq
, by about 40 per cent.