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Shariah-compliance and IPO underpricing: evidence from Pakistan Stock Exchange
International Journal of Islamic and Middle Eastern Finance and Management, 2021Purpose This study aims to investigate the effect of Shariah-compliant status and Shariah regulation on initial public offering (IPO) underpricing in Pakistan.
Waqas Mehmood +3 more
semanticscholar +1 more source
IPO Underpricing and Outside Blockholdings
SSRN Electronic Journal, 2003Abstract Recent papers have proposed a link between underpricing of an initial public offering (IPO) and the resulting ownership structure of the firm. Brennan and Franks [J. Financ. Econ. 45 (1997) 391] hypothesize that IPO managers want to discourage new blockholdings to reduce the likelihood of being monitored.
Laura Casares Field, Dennis P. Sheehan
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IPO underpricing and long-term performance in China: the perspective of price limit policy
Managerial Finance, 2021PurposeThe purpose of this paper is to explore how the price limit policy implemented in 2014 affects initial public offering (IPO) underpricing and long-term performance in China.Design/methodology/approachThe data are the IPOs from Shanghai Stock ...
Yuxin Wang, Guan Wang
semanticscholar +1 more source
The impact of media sentiments on IPO underpricing
Journal of Asia Business Studies, 2021Purpose In initial public offerings (IPOs), the media plays a pivotal role by disseminating the information to the investors who generally lack the expertise to understand the information through the prospectus.
V. Gupta +2 more
semanticscholar +1 more source
Does a reduction of state control affect IPO underpricing? Evidence from the Chinese A-share market
Journal of International Money and Finance, 2021The Chinese government has reduced state control and introduced partial private-sector oversight in the IPO market. We find that the underpricing of IPOs is lower under the Sponsorship System compared to the Approval System and show that a move towards a
Hafiz Hoque, Shaolong Mu
semanticscholar +1 more source
Unionization and IPO Underpricing
SSRN Electronic Journal, 2018This paper investigates the impact of labor unionization on IPO underpricing. We demonstrate that the existence of unions reduces underpricing by 11.20%. Unionized IPOs are associated with downward offer-price revisions, higher cost of capital, inferior firm-operating performance, and incremental failure risk.
Antonios Chantziaras +2 more
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Review of Financial Studies, 2004
While IPOs have been underpriced by more than 10% during the past two decades, we find that in a sample of more than 2,000 IPOs from 1980 to 1997, the median IPO was significantly overvalued at the offer price relative to valuations based on industry peer price multiples. This overvaluation ranges from 14% to 50% depending on the peer matching criteria.
Amiyatosh K. Purnanandam +1 more
openaire +1 more source
While IPOs have been underpriced by more than 10% during the past two decades, we find that in a sample of more than 2,000 IPOs from 1980 to 1997, the median IPO was significantly overvalued at the offer price relative to valuations based on industry peer price multiples. This overvaluation ranges from 14% to 50% depending on the peer matching criteria.
Amiyatosh K. Purnanandam +1 more
openaire +1 more source
Financial Analysts Journal, 1987
(1987). Underpricing in Canadian IPOs. Financial Analysts Journal: Vol. 43, No. 6, pp. 48-55.
Vijay M. Jog, Allan L. Riding
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(1987). Underpricing in Canadian IPOs. Financial Analysts Journal: Vol. 43, No. 6, pp. 48-55.
Vijay M. Jog, Allan L. Riding
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SSRN Electronic Journal, 2014
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 and informed investment decision in an era of information
Sudesh Kumar Sharma +2 more
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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 and informed investment decision in an era of information
Sudesh Kumar Sharma +2 more
openaire +1 more source
Journal of Corporate Finance, 2015
Abstract Before the IPO bubble burst, the first day return for IPOs backed by top VC firms was double that of non-top VC IPOs. Top VC IPOs were also twice as likely to receive all-star analyst coverage and suffered twice as large negative returns upon lockup expiration. We argue that this was not a coincidence.
Daniel Bradley +2 more
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Abstract Before the IPO bubble burst, the first day return for IPOs backed by top VC firms was double that of non-top VC IPOs. Top VC IPOs were also twice as likely to receive all-star analyst coverage and suffered twice as large negative returns upon lockup expiration. We argue that this was not a coincidence.
Daniel Bradley +2 more
openaire +1 more source