A comparative analysis of long-term performance of construction and non-construction IPOs in India: A panel data investigation
DOI: 10.1108/ECAM-01-2019-0009
关键词: Multicollinearity 、 Listing (finance) 、 Econometrics 、 Market liquidity 、 Stock exchange 、 Robustness (economics) 、 Business 、 Panel data 、 Time horizon 、 Initial public offering
摘要: The purpose of this paper is to analyze the long-term performance construction sector initial public offers (IPO) made in India during 2006–2015. study aims compare IPOs with non-construction and finds determinants IPO a time horizon three years. also attempts find out, if underpricing that has been discussed literature, really exists or it myth.,The uses data listed on National stock exchange In total, 281 are considered for study, among which 44 IPOs. anniversary successive years calculated from date listing, random effect panel regression model clustered robust estimates using maximum likelihood method performed out performance. tested multicollinearity, stationarity heteroscedasticity ensure robustness results.,The results show long-run outperform IPOs, though below average when compared market returns. myth, underperformance reality India. driven positively by return, size firm negatively liquidity firm.,The first attempt results. This studied approach.
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