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Browse Articles by "Finance"
Title: After Market Pricing Performance of Initial Public Offerings (IPOs): Indian IPO Market 2002-2006
Authors: Seshadev Sahoo, Prabina Rajib
Issue/Year: Oct-2010
Section: Research
Abstract: This paper is motivated by the apparent belief that IPOs are underpriced on the initial listing day and thereafter underperforms compared to the market benchmark. This paper focuses on the evaluation of price performance of IPOs up to a period of 36 months including the listing day. It also examines the usefulness of IPO characteristics at the time of issue to seek an explanation for the post-issue price performance. Another contribution of this paper is the evaluation of the long-run post-issue price performance of Indian IPOs. The empirical results suggest that the investors who are investing in IPOs through direct subscription are earning a positive market-adjusted return throughout the period of study. But investors who have bought shares on the IPO listing day are earning negative returns up to 12 months from the listing date and expect to earn positive market- adjusted return thereafter.
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