Traditional time series or cross-sectional regression procedures yield mixed evidence on maintained hypotheses about the determinants of international equity returns. This paper re-examines how three theory-suggested factors affect equity returns and how the test results may differ between...

IPO grading is an assessment of the quality of initial equity offers. India is the only market in the world that introduced such grading process. We test the efficacy of this unique certification mechanism. Using data of 159 Indian IPOs, we find, grading decreases IPO underpricing and influences...

This study examines securities price reaction to announcements of rights issues by listed Indian firms during the period 1997-2005. We document a positive but statistically insignificant price reaction to such announcements. The price reaction is significantly more negative for firms with a...

We document the effects of group affiliation on the initial performance of the 2,702 IPOs made in India during three different regulatory regimes in the period 1990-2004. There are two competing hypotheses regarding the effect of group affiliation on a firm's initial performance in the stock...

It is widely accepted that speculative bubbles lead to prolonged deviations in the securities prices from their intrinsic values. Stock mispricing due to such deviations may not only lead to adverse wealth effects for the investors but also towards overall economic stability of the economy....

This paper proposes an improvement to the existing price limit systems. Using price limit data from Tokyo Stock Exchange, this study shows that price limits are costly when they obstruct rational price movements. Observable events, such as volatility spillovers and consecutive price limit hits,...

We document the effects of group affiliation on the initial performance of the 2,713 Initial Public Offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. We distinguish between two competing hypotheses regarding group affiliation and a firm's initial stock market...

We document the effects of group affiliation on the initial performance of the 2,713 Initial Public Offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. We distinguish between two competing hypotheses regarding group affiliation and a firm's initial stock market...

We document the effects of group affiliation on the initial performance of the 2,713 Initial Public Offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. We distinguish between two competing hypotheses regarding group affiliation and a firm's initial stock market...

We document the effects of group affiliation on the initial performance of the 2,713 Initial Public Offerings (IPOs) in India under three regulatory regimes during the period 1990-2004. We distinguish between two competing hypotheses regarding group affiliation and a firm's initial stock market...