Pricing and performance of IPOs: Evidence from Indian stock market

被引：13

作者：

Hawaldar, Iqbal Thonse ^{[1
]}

Kumar, K. R. Naveen ^{[2
]}

Mallikarjunappa, T. ^{[3
]}

机构：

[1] Kingdom Univ, Coll Business Adm, Dept Accounting & Finance, Riffa, Bahrain

[2] Poornaprajna Inst Management, PPC Campus, Udupi, India

[3] Mangalore Univ, Dept Business Adm, Mangalore, India

来源：

COGENT ECONOMICS & FINANCE | 2018年 / 6卷 / 01期

关键词：

IPOs; underpricing; underperformance; book-building; fixed-price IPO;

D O I：

10.1080/23322039.2017.1420350

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study examines listing day performance of IPOs, book-built and fixed-price IPOs, post-listing aftermarket performance of IPOs, book-built and fixed-price IPOs in the Indian stock market. We examine pricing as well as long run performance of 464 (365 book-built IPOs and 99 fixed-price IPOs) Indian IPOs that went public between 2001 and 2011. The study covers 15years from the financial year 2001 to 2015. Analysis of the results reveals that compared to fixed-price IPOs, book-built IPOs are underpriced by lesser magnitude. Moreover, book-built IPOs are associated with negative cumulative average abnormal returns (CAARs) up to five years and beyond, the negative CAARs associated with fixed-price IPOs turn positive after one and one-half year and continue to be positive thereafter.

引用

页数：20

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