Initial and Aftermarket Performace of Indian IPOs (Record no. 29413)

MARC details
000 -LEADER
fixed length control field 01851pab a2200205 454500
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 140923b0 xxu||||| |||| 00| 0 eng d
040 ## - CATALOGING SOURCE
Transcribing agency Welingkar Institute of Management Development & Research, Mumbai
Original cataloging agency Welingkar Institute of Management Development & Research, Mumbai
041 ## - LANGUAGE CODE
Language code of text/sound track or separate title ENG
082 ## - DEWEY DECIMAL CLASSIFICATION NUMBER
Classification number
Item number Seh
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name Sehgal Shikha
245 ## - TITLE STATEMENT
Title Initial and Aftermarket Performace of Indian IPOs
250 ## - EDITION STATEMENT
Edition statement 11
260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT)
Place of publication, distribution, etc.
Name of publisher, distributor, etc. Nov 2007
Date of publication, distribution, etc. 0
300 ## - PHYSICAL DESCRIPTION
Extent 16-36 Pp.
490 ## - SERIES STATEMENT
Volume/sequential designation 13
520 ## - SUMMARY, ETC.
Summary, etc. This paper investigates the initial and long-run performance of 438 IPOs listed on the BSE between June 1992 and March 2006. Underpricing of an IPO is measured as the return on the first day of trading (relative to the offering price). To examine the long-run performance of Indian IPOs, Buy-and-Hold Abnormal Returns (BHAR) and Cumulative Abnormal Returns (CARs) for 120 months of secondary market returns have been calculated. Benchmark-adjusted initial returns are found to be around 100%, which is in line with the previous researches in India. The underpricing also conforms to international evidence though the magnitude of initial return is higher than that of other countries. Buy-and-hold returns have been found to be negative between 18 and 40 months of holding; however, such underperformance disappears after 40 months, i.e., in India, underperformance persists for about one-and-a-half years subsequent to IPO to a little more than three years. To check the robustness of this result, CARs also exhibit the existence of underperformance in the second and third years. Thus, long-run underperformance in India appears in the second year and subsists till the third year, though it dies out in the fourth and fifth years.
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element IPO,
856 ## - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="http://192.168.6.13/libsuite/mm_files/Articles/AR9528.pdf">http://192.168.6.13/libsuite/mm_files/Articles/AR9528.pdf</a>
906 ## - LOCAL DATA ELEMENT F, LDF (RLIN)
a 28278
Holdings
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        Main Library Main Library 30/05/2008 0.00   Seh AR9528 23/09/2014 0.00 23/09/2014 Articles

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