文章基本信息

标题：Pricing and performance of IPOs: Evidence from Indian stock market
本地全文：下载
作者：Iqbal Thonse Hawaldar ; K.R. Naveen Kumar ; T. Mallikarjunappa 等
期刊名称：Cogent Economics & Finance
电子版ISSN：2332-2039
出版年度：2018
卷号：6
期号：1
页码：1420350
DOI：10.1080/23322039.2017.1420350
语种：English
出版社：Taylor and Francis Ltd
摘要：Abstract 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 15 years 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.
关键词：IPOs ; underpricing ; underperformance ; book-building ; fixed-price IPO