When the market undergoes a learning process about a new issue, it takes time for the aggregate demand to converge to the equilibrium consistent with the stock's underlying fundamentals. As a result, the early market demand can deviate significantly from the sustainable demand. This problem...

The case presents the initial public offering of shares by a young utility in India. Students are asked to evaluate the attractiveness of investing in the company's shares from the investors' perspective and undertake a valuation analysis

We revisit debates on the regulation of IPOs by analyzing failure rates of IPOs carried out between 1900 and 1913 on the London and Berlin stock exchanges, two of the leading financial markets during the early 20th century. IPOs were regulated more heavily in Germany than in Britain and, as...

The English version of this paper can be found at; "http://ssrn.com/abstract=2240614" http://ssrn.com/abstract=2240614W artykule wykazano, że inwestorzy nie łączą ceny emisyjnej akcji z jej ceną nominalną, co umożliwia debiutującym spółkom maksymalizowanie agio poprzez obniżanie ceny...

SEBI, the Indian securities market regulator has set a unique example for the entire world by introducing IPO grading in India 2006 on optional basis and further mandating it from May, 2007. The purpose of this grading was to provide retail investors with a ready-made assessment of the...

Extant research on developed markets shows that investor sentiment is a prominent feature in IPO grey markets. There is sparse work in the context of emerging markets. We fill this lacuna by studying the working of the Indian IPO market. We consider this work interesting and relevant for the...

Despite high levels of asymmetry of information, firms that issue SEOs within a year of their IPO (follow-on SEOs) are able to offer shares at a lower discount compared to more mature firms. We provide evidence that this seeming contradiction can be explained by a very high degree of demand for...

We investigate how the tone of sell-side debt analysts' discussions about debt-equity conflict events affects the informativeness of debt analysts' reports in debt markets. Conflict events such as mergers and acquisitions, debt issuance, share repurchases, or dividend payments potentially...

SEBI, the Indian securities market regulator has set a unique example for the entire world by introducing IPO grading in India. The purpose of this grading was to provide retail investors with a ready-made assessment of the fundamental quality of the issuer of an IPO, so they could make a better...

The price formation process of JASDAQ IPOs is more transparent than in the United States. The transparency facilitates analysis of important issues in the IPO literature — why offer prices only partially adjust to public information and adjust more fully to negative information, and why...