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https://gnanaganga.inflibnet.ac.in:8443/jspui/handle/123456789/10928
Title: | The Pricing Performance Puzzle of Initial Public Offerings (IPOS): Evidence from Indian IPO Market |
Authors: | A. Satya Nandini Leena Guruprasad |
Issue Date: | 2014 |
Publisher: | Focus : IFIM International Journal of Management |
Abstract: | The introduction of the Book-building process fo r Initial Public offerings (IPOs) improved lPOs pricing & performances. This paper with a sample of24 lPOs attempts to study the long run & short run performances. Resu lts indicated 33% of the issue were under-priced. ln the short-run, they reported positive average Market Adju ted Abnormal Return (MAAR) of upto 42.85%. In the long run, using buy-and-hold ab normal retu rn (BHARs), the e IPOs significantly underperformed the market benchmark up to a period of 1 month from the date of listing and va ni h thereafter. The inve tors who buy at offer get po itive returns throughout the period, while the initial day traders are required to wait for more than 1 month to earn a minimal positive return. |
URI: | http://gnanaganga.inflibnet.ac.in:8080/jspui/handle/123456789/10928 |
Appears in Collections: | Articles to be qced |
Files in This Item:
File | Size | Format | |
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THE PRICING PERFORMANCE PUZZLE OF INITIAL PUBLIC OFFERINGS (IPOS)- EVIDENCE FROM INDIAN IPO MARKET.pdf Restricted Access | 3.87 MB | Adobe PDF | View/Open Request a copy |
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