Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Examining The Performance Of Ipos An Evidence From India
Download Examining The Performance Of Ipos An Evidence From India full books in PDF, epub, and Kindle. Read online Examining The Performance Of Ipos An Evidence From India ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Book Synopsis Examining the Performance of IPOs - An Evidence from India by : Shikha Bhatia
Download or read book Examining the Performance of IPOs - An Evidence from India written by Shikha Bhatia and published by . This book was released on 2015 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the performance of 648 initial public offerings (IPOs) listed on the Bombay Stock Exchange (BSE) from June 1992 to March 2002 over a five-year period. Voluminous research across the world suggests that IPOs unanimously witness very high returns in the short run; as opposed to it, the long-run performance of IPOs does not observe any ubiquitous pattern and this paper is an attempt to draw conclusions about the performance of IPOs in India. In order to get robust conclusions on IPO performance, the patterns of IPO performance have been analyzed for 60 months subsequent to listing. Furthermore, the study attempts to find out the factors that determine the performance of Indian IPOs.
Book Synopsis Agency Problems and Operating Performance in an Emerging Market by : Manas Mayur
Download or read book Agency Problems and Operating Performance in an Emerging Market written by Manas Mayur and published by . This book was released on 2013 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study examines the following two interrelated research issues: (i) how the operating performance of Indian firms changes around the time firms do their Initial Public Offerings (IPOs)? and (ii) how the post-IPO performance of Indian firms is related to the changes in insiders' ownership around their IPOs? It is found that performance of Indian firms deteriorates significantly post IPO. The panel data analysis of 306 Indian firms examined the relationship between ownership and performance. The results illustrated a curvilinear relationship between ownership and performance. Whereas the negative relationship was found for low and very high ownership level and positive relationship was found for intermediate level. This is an attention-grabbing outcome as it contrasts with earlier studies on curvilinear relationship between ownership and performance, where the negative relationship was found for intermediate level and positive relationship was found for both very low and very high ownership level.
Book Synopsis The Determinants of Survival of Initial Public Offerings in India by : Garima Baluja
Download or read book The Determinants of Survival of Initial Public Offerings in India written by Garima Baluja and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A number of researchers have examined the performance of Initial Public Offerings (IPOs) both for short and long run. However, the empirical evidence on the survivability of issues in the aftermarket is quite scant, especially in India. In the light of huge volatility in the Indian IPO market and the high rate of failure of IPOs, a need arises to explore the survivability of IPOs in the aftermarket. Hence, this paper attempts to examine the survival profile of Indian IPOs for the period 1992-2011. In order to examine the influence of issue, market and company specific variables on the post-issue transition of IPOs into survivors and non-survivors, logistic regression model is estimated. Further, survival analysis methodology is employed to investigate the effect of observable factors on the survival time of the issue. The study reveals that issues with large size, more demand, backed by reputed lead managers and of older firms survive for longer duration. However, issues with high underpricing, high risk, more list delay and during the period of high market level as well as high IPO activity, survive for smaller duration in the aftermarket. The survival probability and the duration of IPO is positively affected if it belongs to information and communication, accommodation, construction, wholesale and retail trade, and finance and insurance sectors, and it is negatively affected if IPO belongs to agriculture and administration sectors.
Book Synopsis Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence by : Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence
Download or read book Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence written by Signalling IPO Initial Performance Information Asymmetry Malaysian Evidence and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Reviewing Initial Public Offerings: Empirical Evidence from India by : Gautam Das
Download or read book Reviewing Initial Public Offerings: Empirical Evidence from India written by Gautam Das and published by . This book was released on 2016-07-19 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Study on the Long-Run Performance of Initial Public Offerings in India by : Shikha Bhatia
Download or read book A Study on the Long-Run Performance of Initial Public Offerings in India written by Shikha Bhatia and published by . This book was released on 2017 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the long run performance of 438 initial public offerings in India that got listed on the Bombay Stock Exchange from 1992 to 2001. It further attempts to identify the factors explaining the long-run performance of IPO firms. The cumulative abnormal return at the end of fifth year is 184.64% which is very high in contrast with the returns observed in the developed countries. Substantial variations have been observed across firms belonging to different age groups and industries. Variations in performance of IPO firms is also evident when firms are segmented according to their initial returns, issue price and issue size. Initial returns, issue size and market conditions primarily explain variations in long run performance of Indian IPOs.
Book Synopsis Performance Of Initial Public Offerings (Ipos) In India by : Dr. Manjusha marthadr.b.k.suryaprakasharao
Download or read book Performance Of Initial Public Offerings (Ipos) In India written by Dr. Manjusha marthadr.b.k.suryaprakasharao and published by Archers & Elevators Publishing House. This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Earnings Management and Long-run Post-issue Performance of IPOs in India by : Mamta Dhanda
Download or read book Earnings Management and Long-run Post-issue Performance of IPOs in India written by Mamta Dhanda and published by . This book was released on 2020 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The controversies surrounding accounting figures bring forth the downgraded quality of financial statements in India. Opportunistic management of earnings at the cost of stakeholders' interest requires prompt regulatory measure as they may become grave in high profile corporate events like mergers and public issues. Focusing on one of the most important mega events of initial public offerings (IPOs) the present study evaluates the accounting figure of IPOs that came out during April 2010 to March 2013. The study measures pre and post issue earnings management for a time span of 11 years from April 2008 to March 2019 and post issue long run earnings and stock performance using Modified Jones Model (1995) for a time span of seven years including issue year and six post issue years. The study provides evidence of earnings management by Indian IPO firms and post issue earnings and stock underperformance due to reversal of discretionary current accruals of issue year. The study emphasizes on better monitoring and regulatory environment and precise definition of accounting choices to control managed accounts to avoid frequent fraud incidents.
Book Synopsis Initial Performances of IPOs in India by : Sweety
Download or read book Initial Performances of IPOs in India written by Sweety and published by . This book was released on 2016 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we studied listing day performance pertaining to 113 IPOs in India during January, 2010 to December, 2014, listed in NSE India. We found that there is, on the average, significantly positive return on the listing day. The market adjusted abnormal returns of all sample IPO companies were 7.19 %. It is observed that IPOs are initially underpriced. We have applied t-test to verify the returns and mean initial return of 7.19 % and proved that average returns are significantly lower also compare to historical returns of IPO. Regression model has been used to analyse the relationship between degree of underpricing with independent variables such as issue price, issue size, issue oversubscription and market index return. The result of regression analysis shows that there was no significant relationship between the degree of underpricing and explanatory variables except oversubscription of issue. The study suggests that investors can make their investment in new issues as IPOs are underpriced in initial days.
Book Synopsis Long-Run Performance of Initial Public Offerings by : Shikha Bhatia
Download or read book Long-Run Performance of Initial Public Offerings written by Shikha Bhatia and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Performance of Initial Public Offerings Based on Their Size by : L. Ganesamoorthy
Download or read book The Performance of Initial Public Offerings Based on Their Size written by L. Ganesamoorthy and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The study focuses on the performance of Initial Public Offerings (IPOs) made by the Indian companies on the basis of the IPO size. A sample of 219 IPOs made by the Indian companies during the period 2001 to 2010 was considered for the study. Using standard event study methodology, an event window was constructed for a period of 75 days from the date of listing of securities in the stock market. To eliminate market factors, market-adjusted return was calculated by deducting the market return from the actual return of shares. The size of issues was classified as small, medium and large. The results revealed that the performance of large-size IPOs was better than that of small and medium-size IPOs. The results further revealed that small-size IPOs were overpriced than medium and large-size IPOs.
Book Synopsis An Examination of Short-Run Performance of IPOs Using Extreme Bounds Analysis by : Muhammad Zubair Mumtaz
Download or read book An Examination of Short-Run Performance of IPOs Using Extreme Bounds Analysis written by Muhammad Zubair Mumtaz and published by . This book was released on 2016 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the short-run performance of IPOs issued on the Karachi Stock Exchange in Pakistan. The present study extends the existing literature concentrating on the degree of underpricing over a 3-month period lasting from the listing date to the 3-month anniversary showing significant evidence of IPO underpricing. The analyses support the investors' sentiment and underwriters' prestige hypothesis but not ex-ante uncertainty. The EBA technique has been used to examine fifteen explanatory variables of IPO underpricing. The study finds that the aftermarket risk level of the IPO, the oversubscription ratio, the offer price, the return on assets, post issue promoters' holding and size of the firm are six robust determinants of IPO underpricing.
Book Synopsis Ownership Structure and Operating Performance of IPOs in India by : Shikha Bhatia
Download or read book Ownership Structure and Operating Performance of IPOs in India written by Shikha Bhatia and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The anomalous behavior of Initial Public Offerings (IPOs) has been extensively researched and debated. Numerous studies have documented stock price and operating underperformance of IPOs and suggested several reasons like earnings management, timing of issues, agency theory, etc., as causing such decline in post-issue performance. This study attempts to examine the operating performance of IPOs in India for a period of five years subsequent to the issue. It specifically seeks to analyze the post-issue operating performance relative to pre-issue levels and to determine the relationship between ownership retained by the promoters and operating performance of issuing firms.
Book Synopsis Market Timing and Operating Performance in an Emerging Market by : Manas Mayur
Download or read book Market Timing and Operating Performance in an Emerging Market written by Manas Mayur and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to investigate the market timing behaviour of issuers of Indian Initial Public Offerings (IPOs). The declining trend in variables reflecting investor's sentiments and expectation in post IPO period suggested that firms took advantage of over-optimism of investors. The deterioration in post IPO performance suggested that issuer took benefit of pre IPO profit margin. In order to confirm whether IPOs were timed or not a new variable HOT was constructed which basically referred to favourable market condition for the issuers. The result based on multivariate regression suggested that Market timers, identified as firms that go public when the market is hot, tried to maximize the total proceeds at the time of IPO proving that IPOs were timed. The hot issue market effect was found to be remarkably robust; it was significant for both firm and industry-level characteristics.
Book Synopsis Initial Public Offerings' Underpricing by : Madhuri Malhotra
Download or read book Initial Public Offerings' Underpricing written by Madhuri Malhotra and published by . This book was released on 2016 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: Issuing of shares through book building process leads to efficient price discovery. This study attempts to examine how the initial public offerings (IPO) issued through book building fare in short-run. The study examines the first day returns of 288 book-built IPOs in India for a 7 year period (2004-2010). Based on this set of observations this study builds a comprehensive model of the short term price performance of the new offerings. Results indicate that the IPOs are under-priced in India. Over-subscription and market volatility was found to be the major factors influencing underpricing. The results imply that the investors over react to the market. The presence of deliberate underpricing by the underwriters or the issuing firm to decrease block holdings by the shareholders is also evident. Finally, results illustrate a trend towards a less aggressive underpricing.
Book Synopsis The Really Long-Run Performance of Initial Public Offerings by : Paul A. Gompers
Download or read book The Really Long-Run Performance of Initial Public Offerings written by Paul A. Gompers and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial economists have intensely debated the performance of IPOs using data after the formation of Nasdaq. This paper sheds light on this controversy by undertaking a large, out-of-sample study: We examine the performance for five years after listing of 3,661 U.S. IPOs from 1935 to 1972. The sample displays some underperformance when event-time buy-and-hold abnormal returns are used. The underperformance disappears, however, when cumulative abnormal returns are utilized. A calendar-time analysis shows that over the entire period, IPOs return as much as the market. The intercepts in CAPM and Fama-French regressions are insignificantly different from zero, suggesting no abnormal performance.
Book Synopsis Initial Public Offerings by : Michelle Lowry
Download or read book Initial Public Offerings written by Michelle Lowry and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this monograph is to provide an overview of the IPO literature since 2000. The fewer numbers of companies going public in recent years has raised many questions regarding the IPO process, in both academic and regulatory circles. As we all strive to understand these changes in the market, it is especially important to understand the dynamics underlying the IPO process. If the process of going public is too costly or the IPO mechanism is plagued by too many conflicts of interest among the various intermediaries, then private companies may rationally choose other methods of raising capital. In a related vein, it is imperative that new regulations not be based on research focusing solely on large, more mature firms. Newly public firms have unique characteristics, and an increased understanding of such issues will contribute positively to well-functioning public markets and further growth of the entrepreneurial sector. We also provide a detailed guide to researchers on how to obtain a research-quality sample of IPOs, from standard data sources. Related to this, we tabulate important corrections to these standard data sources.
