Short-run performance analysis of IPOs in the indian market
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MURTHY, E N MANAGEMENT RESEARCHSummary: A private company uses Initial Public Offerings (IPOs) to raise equity capital from the public who in turn become shareholders of the company after listing of its equity shares in the stock exchanges. IPOs have become very popular worldwide. Post-listing, the public shareholders get an opportunity to cash-in on the listing gains (typically in the short-term) or continue to be a part of the company's growth story (in the long-term). Typically, such investment decisions are based on the investors' returns expectations in the short and long-term, given the risk appetite. To analyze these critical aspects, several research studies have been undertaken globally. The extant literature suggests that the IPOs generally perform poorly in the long-term but offer good short-term returns. The purpose of this paper is to study the short-term performance of 117 IPOs issued for subscription in India during 2009-2013 by way of Market Abnormal Excess Returns (MAER) and identify the factors which affect their performance.
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Main Library | /Vol 17, No 1/ 5558563JA1 (Browse shelf(Opens below)) | Available | 5558563JA1 | |||||
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Main Library ON SHELF | JOURNAL/MGT/Vol 17, No 1/5558563 (Browse shelf(Opens below)) | Vol 17, No 1 (27/03/2018) | Not for loan | January, 2018 | 5558563 |
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A private company uses Initial Public Offerings (IPOs) to raise equity capital from the public who in turn become shareholders of the company after listing of its equity shares in the stock exchanges. IPOs have become very popular worldwide. Post-listing, the public shareholders get an opportunity to cash-in on the listing gains (typically in the short-term) or continue to be a part of the company's growth story (in the long-term). Typically, such investment decisions are based on the investors' returns expectations in the short and long-term, given the risk appetite. To analyze these critical aspects, several research studies have been undertaken globally. The extant literature suggests that the IPOs generally perform poorly in the long-term but offer good short-term returns. The purpose of this paper is to study the short-term performance of 117 IPOs issued for subscription in India during 2009-2013 by way of Market Abnormal Excess Returns (MAER) and identify the factors which affect their performance.
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