دانشگاه: Singapore Management University (Singapore)
: 1.8 MB
زیر قیمت گذاری و بلندمدت عملکرد عرضه اولیه عمومی در بازارهای در حال توسعه
Abstract: The purpose of this paper is to examine the long-run performance of IPOs in developing markets using various methods to ascertain the significance of the over or under-performance of IPOs. Among the many reasons for the performance which we see, one of them could be the sensitivity of the results to the choice of benchmarks. Dimson and Marsh, Ritter, Gregory et al., Fama and French and Fama have successively demonstrated the sensitivity of the long-run performance of the IPOs the benchmark used in the study. For this reason, I am also motivated to study the effect of various benchmarks on the return measurements so as to elucidate the possibility that the magnitude of the performance is benchmark dependent. Finally, the focus of this study will be the Chinese and Indian markets.