000			01759nam a2200217 4500
999			_c49645 _d49645
003			OSt
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008			180420b ||||| |||| 00| 0 eng d
100			_aPandey, Aprajita _931261
245			_aImpact of Firm Specific and Macro-Economic Factors on the Level of Underpricing of Initial Public Offerings (IPOs) : Evidence from the Indian Market
300			_a7-25 p.
520			_aThe purpose of this paper was to examine the impact of firm specific and macro-economic factors on the level of underpricing of firms going for initial public offerings (IPOs) in the National Stock Exchange, India. We considered firms that went for IPOs on the National Stock Exchange during the period from 1999-2016, which was further segregated to quarterly observations. Both traditional method and market adjusted abnormal rate of returns (MAAR) methods were used to gauge underpricing. The study found that among the firm specific variables, issue price and firm age were significant in influencing the level of underpricing. Inflation, market volatility, market returns, and economic activity had greater explanatory power than other macro-economic variables on underpricing. The study contributes to the vast literature of determinants of underpricing as most of the study focused on firm-related factors only; this study has given some insights on the role of macro-economic factors to explain underpricing.
653			_aIPO
653			_aUnderpricing
653			_aMarket Adjusted Abnormal Rate of Return
653			_aMacro-Economic Factors
653			_aFirm Specific Factors
700			_aPattanayak, J. K. _931262
773	0		_029384 _969968 _aGILANI,S. _o5558488 _tINDIAN JOURNAL OF FINANCE _x0973-8711
942			_2ddc _cJA-ARTICLE