Artikel
An examination of short-run performance of IPOs using Extreme Bounds Analysis
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.
- Sprache
-
Englisch
- Erschienen in
-
Journal: Estudios de Economía ; ISSN: 0718-5286 ; Volume: 43 ; Year: 2016 ; Issue: 1 ; Pages: 71-95 ; Santiago de Chile: Universidad de Chile, Departamento de Economía
- Klassifikation
-
Wirtschaft
Asset Pricing; Trading Volume; Bond Interest Rates
Information and Market Efficiency; Event Studies; Insider Trading
- Thema
-
initial public offerings
underpricing
short-run
extreme bounds analysis
wealth relative
three-month
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Mumtaz, Muhammad Zubair
Smith, Zachary A.
Ahmed, Ather Maqsood
- Ereignis
-
Veröffentlichung
- (wer)
-
Universidad de Chile, Departamento de Economía
- (wo)
-
Santiago de Chile
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Mumtaz, Muhammad Zubair
- Smith, Zachary A.
- Ahmed, Ather Maqsood
- Universidad de Chile, Departamento de Economía
Entstanden
- 2016
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