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Underpricing, long-run performance and secondary-market liquidity: an empirical examination of Indian IPO market
Wadhwa, Kavita; Syamala, Sudhakara Reddy; Reddy, V. Nagi - In: Afro-Asian Journal of Finance and Accounting 4 (2014) 1, pp. 75-93
In this paper, we study the underpricing, long-run performance of IPOs and the impact of underpricing on secondary … market liquidity of IPOs which were issued in India during the period 2000-2008. The average underpricing for Indian IPOs is … 37%. Uncertainty, information asymmetry and investor optimism are the factors which explain underpricing. The IPOs which …
Persistent link: https://www.econbiz.de/10010816843
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The Dynamics of Going Public
BUSTAMANTE, Maria Cecilia
This paper develops a signalling game in which the decision to raise public equity is a real option of the firm. Firms may use multiple signals to reveal their type: the timing of the IPO, the fraction of shares issued and the underpricing of shares. The model provides a tractable approach for...
Persistent link: https://www.econbiz.de/10005534194
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The use of financial ratio models to help investors predict and interpret significant corporate events
Ak, B Korcan; Dechow, Patricia M; Sun, Yuan; Wang, Annika Yu - In: Australian Journal of Management 38 (2013) 3, pp. 553-598
A firm in a steady state generates predictable income and investors can generally agree on its valuation. However, when a significant corporate event occurs this creates greater uncertainty and disagreement about firm valuation, and investors could prefer to avoid holding such a stock. We...
Persistent link: https://www.econbiz.de/10010769310
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Investment performance of “environmentally-friendly” firms and their initial public offers and seasoned equity offers
Chan, Pak To; Walter, Terry - In: Journal of Banking & Finance 44 (2014) C, pp. 177-188
offerings (IPOs) and seasoned equity offerings (SEOs). Our empirical tests document positive and statistically significant … excess returns for our environmentally-friendly firms and their IPOs and SEOs, in contrast to our control IPO and SEO samples …
Persistent link: https://www.econbiz.de/10011065633
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The long-run performance of Italian Ipos: the case of banking firms
Gandolfi, Gino; Regalli, Massimo; Arcuri, Maria Cristina - In: BANCARIA 02 (2012) February
The aim of the paper is to investigate the long-run performance of Italian Ipos, paying close attention to the banking …, recent studies prove anomalies in the short-term yields (underpricing) of banking Ipos, which have a lower underpricing than …
Persistent link: https://www.econbiz.de/10009652558
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Equilibrium in the Initial Public Offerings Market
Ritter, Jay R. - In: Annual Review of Financial Economics 3 (2011) 1, pp. 347-374
underpricing of initial public offerings (IPOs) that is observed. I suggest that the quantitative magnitude of underpricing can be … except for the smallest companies going public, IPOs have long-run returns that are similar to those on seasoned stocks with …
Persistent link: https://www.econbiz.de/10010603945
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Orphan versus non-orphan IPOs: the difference analyst coverage makes
Boissin, Romain - Volkswirtschaftliche Fakultät, … - 2012
period from 1991 to 2010. In US IPOs, during the one- to five-year horizon, we find a significant long-run abnormal … performance by orphans (IPOs without analyst coverage) compared to non-orphans (IPOs with analyst coverage.Further analysis …
Persistent link: https://www.econbiz.de/10011109351
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Orphan versus non-orphan IPOs: the difference analyst coverage makes
Boissin, Romain - Volkswirtschaftliche Fakultät, … - 2012
This paper examines the long-run performance of US IPOs carried out between 1991 and 2010. By using various … methodologies, we find that IPOs in our sample performed abnormally relative to comparison portfolios over the 1991-2010 horizon …. This abnormal long-run performance is much severe for orphan IPOs (without financial recommendation) than non-orphan IPOs …
Persistent link: https://www.econbiz.de/10011112860
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Dividend initiations and long-run IPO performance
How, Janice CY; Ngo, Kian; Verhoeven, Peter - In: Australian Journal of Management 36 (2011) 2, pp. 267-286
Dividend initiations are an economically significant event that has important implications for a firm’s future financial capacity. Given the market’s expectation of a consistent payout, managers of IPO firms must approach the initial dividend decision cautiously. We compare the...
Persistent link: https://www.econbiz.de/10011135782
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The long-run performance of initial public offerings and its determinants: the case of China
Cai, Xiaoqiong; Liu, Guy; Mase, Bryan - In: Review of Quantitative Finance and Accounting 30 (2008) 4, pp. 419-432
Persistent link: https://www.econbiz.de/10005808789