Does IPO Grading Impact Price Effciency in India?

Kedar Mukund Phadke and Manoj S Kamat

back

References:

[1] Allen, F., & Faulhaber, G. R. (1989). Signalling by underpricing in the IPO market. Journal of Financial Economics, 23(2), 303–323.

[2] Barry, C. B., Muscarella, C. J., Peavy Iii, J. W., & Vetsuypens, M. R. (1990). The role of venture capital in the creation of public companies: Evidence from the going-public process. Journal of Financial Economics, 27(2), 447-471.

[3] Beatty, R. P., & Ritter, J. R. (1986). Investment banking, reputation, and the underpricing of initial public offerings. Journal of Financial Economics, 15(1-2), 213–232.

[4] Bhattacharya, A. (2017). Innovations in new venture financing: Evidence from Indian SME IPOs. Global Finance Journal, 34(C), 72-88.

[5] Carter, R. B., Dark, F. H., & Singh, A. K. (1998). Underwriter reputation, initial returns, and the long-run performance of IPO stocks. The Journal of Finance, 53(1), 285–311.

[6] Cai, N., Ramchand, L., & Warga, A. (2004). The pricing of equity IPOs that follow public debt offerings. Financial Management, 5-26.

[7] Chan, K. C., & Lo, Y. L. (2011). Credit ratings and long-term IPO performance. Journal of Economics and Finance, 35(4), 473–483.

[8] Chemmanur, T. J. (1993). The pricing of initial public offerings: A dynamic model with information production. The Journal of Finance, 48(1), 285–304.

[9] Chemmanur, T. J., & Fulghieri, P. (1994). Investment bank reputation, information production, and financial intermediation. The Journal of Finance, 49(1), 57–79.

[10] Deb, S. S., & Marisetty, V. B. (2010). Information content of IPO grading. Journal of Banking & Finance, 34(9), 2294–2305.

[11] Dhamija, S., & Arora, R. K. (2014). The long-run performance of graded IPOs in the Indian capital market. Global Business Review, 15(2), 317–337.

[12] Dhamija, S., & Arora, R. K. (2017a). Impact of quality certification on IPO underpricing: Evidence from India. Global Business Review, 18(2), 428–444.

[13] Dhamija, S., & Arora, R. K. (2017b). Initial and After-market Performance of SME IPOs in India. Global Business Review, 18(6), 1536-1551.

[14] Dunn, O. J. (1964). Multiple comparisons using rank sums. Technometrics, 6(3), 241–252.

[15] Fama, E. F. (1998). Market efficiency, long-term returns, and behavioural finance. Journal of Financial Economics, 49(3), 283-306.

[16] Grinblatt, M., & Hwang, C. Y. (1989). Signalling and the pricing of new issues. The Journal of Finance, 44(2), 393–420.

[17] Hall, P. (1992). On the removal of skewness by transformation. Journal of the Royal Statistical Society. Series B (Methodological), 54, 221–228.

[18] Ibbotson, R. G., Sindelar, J. L., & Ritter, J. R. (1994). The market's problems with the pricing of initial public offerings. Journal of applied corporate finance, 7(1), 66-74.

[19] Jacob, J., & Agarwalla, S. K. (2015). Mandatory IPO grading: does it help pricing efficiency? Vikalpa, 40(2), 132–144.

[20] Johnson, N. L. (1949). Systems of frequency curves generated by methods of translation. Biometrika, 36(1/2), 149–176.

[21] Kalra, G., & Kansara, N. (2017). Investigating the myths associated with IPOs of small and medium enterprises: the case of India. International Journal of Indian Culture and Business Management, 14(4), 393-405.

[22] Khurshed, A., Pande, A., Vismara, S., & Paleari, S. (2014). IPO certification: The role of grading and transparent books. Online paper. Retrieved from https://www.cass.city.ac.uk/__data/assets/pdf_file/0006/86640/Khurshed.pdf

[23] Kim, Y., & Park, M. S. (2005). Pricing of seasoned equity offers and earnings management. Journal of Financial and Quantitative analysis, 40(2), 435-463.

[24] Levis, M. (1993). The long-run performance of initial public offerings: The UK experience 1980-1988. Financial Management, 22, 28-41.

[25] Lyon, J. D., Barber, B. M., & Tsai, C. L. (1999). Improved methods for tests of long-run abnormal stock returns. The Journal of Finance, 54(1), 165-201.

[26] Maksimovic, V., & Unal, H. (1993). Issue Size Choice and “Underpricing” in Thrift Mutual-to-Stock Conversions. The Journal of Finance, 48(5), 1659–1692.

[27] Megginson, W. L., & Weiss, K. A. (1991). Venture capitalist certification in initial public offerings. The Journal of Finance, 46(3), 879-903.

[28] Poudyal, S. (2008). Grading Initial Public Offerings (IPOs) in India’s Capital Markets A Globally Unique Concept. Indian Institute of Management Ahmedabad - WP No. 2008-12-08.

[29] Ritter, J. R. (1991). The long-run performance of initial public offerings. The Journal of Finance, 46(1), 3–27.

[30] Sahoo, S. (2016). Signalling by IPO grading: an empirical investigation. Afro-Asian Journal of Finance and Accounting, 6(1), 68-85.

[31] Titman, S., & Trueman, B. (1986). Information quality and the valuation of new issues. Journal of Accounting and Economics, 8(2), 159–172.

[32] Welch, I. (1989). Seasoned offerings, imitation costs, and the underpricing of initial public offerings. The Journal of Finance, 44(2), 421–449.

Copyright © 2009 | All rights reserved