An examination of short-run performance of IPOs using Extreme Bounds Analysis* 1 Examinando el desempeño de corto plazo de las ofertas públicas iniciales de acciones con el análisis de límites extremos

摘要: This paper estimates the short-run performance of IPOs issued on Karachi Stock Exchange in Pakistan. The present study extends existing literature concentrating degree underpricing over a 3-month period lasting from listing date to anniversary showing significant evidence IPO underpricing. analyses support investors’ sentiment and underwriters’ prestige hypothesis but not ex-ante uncertainty. EBA technique has been used examine fifteen explanatory variables finds that aftermarket risk level IPO, oversubscription ratio, offer price, return assets, post issue promoters’ holding size firm are six robust determinants