We test the empirical implications of several models of IPO underpricng. Consistent with the winner’s-curse hypothesis, we show that in markets where investors know a priori that they do not have to compete with informed investors, IPOs are not underpriced. We also show that IPOs underwritten by reputable investment banks experience significantly less underpricing and perform significantly bett...

In this article, we have analyzed the listing day performance of 121 IPOs issued in India period 2018 to 2021 that are listed National stock exchange, India. The study focuses on average market return and adjusted abnormal IPOs. objectives article is understand industry wise analysis result for 2018-2021 not zero. Chemicals & petrochemicals Finance has maximum number during 2018-2021. KEY W...

Abstract This paper explains fluctuations in the number of initial public offerings (IPOs) between 1876 and 2015 Netherlands. We test an econometric model find that IPOs is strongly related to economic growth size stock exchange. also are timed coincide with favorable market conditions. Our almost 50 percent most hot markets. To further understand IPO waves, we conduct a descriptive analysis, w...

Abstract This study aims to bridge the research on internationalization of small- and medium-sized enterprises (SMEs) with literature initial public offerings (IPOs). It investigates how IPOs affect SMEs’ foreign investment decisions as they internationalize. We argue that enable SMEs engage in a period accelerated expansion, resulting wave-like pattern, suggested by Håkanson Kappen’s (J Int Bu...

We examined IPO discounts and average returns for all available ASX (de)/listed IPOs from 1999 to 2019. found that the 18.45 percent offering discount was close observed in US, as were time series behaviour distribution. Furthermore, annualised return on a market-weighted portfolio of small/microcap IPOs, close-of-listing-day price delisting or 31 December 2019, is 18.62 compared 2.28 large-cap...

The return performance and factor sensitivities of Canadian equity real estate investment trusts (E-REITs) are examined. Today, typical and average Canadian E-REIT IPOs are correctly priced based on first-day and subsequent short-run returns. The overpricing evident earlier in the 1993-96 period for typical and average E-REIT IPOs has corrected. E-REITs are equity investments with about one-hal...

Article history: Received 28 August 2012 Accepted 22 January 2013 Available online 31 January 2013 Using a sample of 293 IPOs in Hong Kong, we separately measure pre-market and aftermarket sentiments and examine their impact on IPO pricing in a two-stage framework. We find that underwriters only partially adjust offer price to reflect pre-market sentiment and money left on the table is positive...