Determinants of Book Built IPO underpricing – differential issue size and market momentum approach revisited

References

• Aggarwal, R., Bhagat, S., & Rangan, S. (2009). The impact of fundamentals on IPO valuation. Financial Management, 38(2), 253–18. https://doi.org/10.1111/j.1755-053X.2009.01035.x
   Web of Science ®Google Scholar
• Aghamolla, C., & Thakor, R. T. (2022). IPO peer effects. Journal of Financial Economics, 144(1), 206–226. https://doi.org/10.1016/j.jfineco.2021.05.055
   Web of Science ®Google Scholar
• Audrino, F., Sigrist, F., & Ballinari, D. (2020). The impact of sentiment and attention measures on stock market volatility. International Journal of Forecasting, 36(2), 334–357. https://doi.org/10.1016/j.ijforecast.2019.05.010
   Web of Science ®Google Scholar
• Banerjee, S., & Rangamani, K. T. (2015). Determinants of investor’s subscripton level of IPOs: Evidence from Indian capital market in post mandatory IPO grading regime. DLSU Business & Economics Review, 24(2), 77–91.
   Google Scholar
• Banu Durukan, M. (2002). The relationship between IPO returns and factors influencing IPO performance: Case of Istanbul stock Exchange. Managerial Finance, 28(2), 18–38. https://doi.org/10.1108/03074350210767672
   Google Scholar
• Berger, A. N., & Bonaccorsi di Patti, E. (2006). Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry. Journal of Banking and Finance, 30(4), 1065–1102. https://doi.org/10.1016/j.jbankfin.2005.05.015
   Web of Science ®Google Scholar
• Bhatia, S. (2017). A study on the long-run performance of initial public offerings in India. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2926872
   Google Scholar
• Boulton, T. J., Smart, S. B., & Zutter, C. J. (2011). Earnings quality and international IPO underpricing. The Accounting Review, 86(2), 483–505. https://doi.org/10.2308/accr.00000018
   Web of Science ®Google Scholar
• Chiraz, D. (2013). Earnings management and performance of French IPO companies. Journal of Accounting and Taxation, 5(1), 1–14. https://doi.org/10.5897/jat2013.0106
   Google Scholar
• Dang, V. C., & Nguyen, Q. K. (2021). Internal corporate governance and stock price crash risk: Evidence from Vietnam. Journal of Sustainable Finance & Investment, 1–18. https://doi.org/10.1080/20430795.2021.2006128
   Web of Science ®Google Scholar
• Deb, P. (2013). Signaling type and post-IPO performance. European Management Review, 10(2), 99–116. https://doi.org/10.1111/emre.12012
   Web of Science ®Google Scholar
• Deng, Q., & Zhou, Z. G. (2015). Offline oversubscription, issue size, and market momentum: The driving forces for ChiNext IPOs initial underpricing. The Chinese Economy, 48(2), 114–129. https://doi.org/10.1080/10971475.2015.993217
   Web of Science ®Google Scholar
• Dorn, D. (2009). Does sentiment drive the retail demand for IPOs? Journal of Financial and Quantitative Analysis, 44(1), 85–108. https://doi.org/10.1017/S0022109009090024
   Web of Science ®Google Scholar
• The Economic Times. (2023). 40 IPOs gave an average listing day gain of 10% in 2022: Report. https://economictimes.indiatimes.com/markets/ipos/fpos/40-ipos-gave-an-average-listing-day-gain-of-10-in-2022-report/articleshow/96704540.cms?from=mdr
   Google Scholar
• Ewens, M., Farre-Mensa, J., & Karolyi, A. (2020). The deregulation of the private equity markets and the decline in IPOs. The Review of Financial Studies, 33(12), 5463–5509. https://doi.org/10.1093/rfs/hhaa053
   Web of Science ®Google Scholar
• Füllbrunn, S., Neugebauer, T., & Nicklisch, A. (2020). Underpricing of initial public offerings in experimental asset markets. Experimental Economics, 23(4), 1002–1029. https://doi.org/10.1007/s10683-019-09638-7
   Web of Science ®Google Scholar
• Gao, S., Brockman, P., Meng, Q., & Yan, X. (2020). Differences of opinion, institutional bids, and IPO underpricing. Journal of Corporate Finance, 60(September 2019), 1–19. https://doi.org/10.1016/j.jcorpfin.2019.101540
   Google Scholar
• Ghosh, S. (2004). Revisiting IPO underpricing in India. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.703501
   Google Scholar
• Guo, D., Zheng, Y., Wang, W., Hu, P. N., Yang, Z., & Chen, Z. (2022). The impact of different sentiment in investment decisions: Evidence from China’s stock markets IPOs. Economic Research-Ekonomska Istrazivanja, 1–21. https://doi.org/10.1080/1331677X.2022.2113739
   Web of Science ®Google Scholar
• Harasheh, M. (2022a). Does it make you better off? Initial public offerings (IPOs) and corporate sustainability performance: Empirical evidence. Global Business Review, 23(6), 1375–1387. https://doi.org/10.1177/09721509221126851
   Web of Science ®Google Scholar
• Harasheh, M. (2022b). Freshen up before going public: Do environmental, social, and governance factors affect firms’ appearance during the initial public offering? Business Strategy and the Environment, September, 1–13. https://doi.org/10.1002/bse.3261
   Google Scholar
• Harrison, J. M., & Kreps, D. M. (1978). Speculative investor behavior in a stock market with heterogeneous expectations. The Quarterly Journal of Economics, 92(2), 323–336. https://doi.org/10.2307/1884166
   Web of Science ®Google Scholar
• Hawaldar, I. T., Naveen Kumar, K. R., Mallikarjunappa, T., & Baur, D. (2018). Pricing and performance of IPOs: Evidence from Indian stock market. Cogent Economics & Finance, 6(1), 1420350. https://doi.org/10.1080/23322039.2017.1420350
   Web of Science ®Google Scholar
• Jaskiewicz, P., González, V. M., Menéndez, S., & Schiereck, D. (2005). Long-run IPO performance analysis of German and Spanish family-owned businesses. Family Business Review, 18(3), 179–202. https://doi.org/10.1111/j.1741-6248.2005.00041.x
   Web of Science ®Google Scholar
• Kenourgios, D. F., Papathanasiou, S., & Rafail Melas, E. (2007). Initial performance of Greek IPOs, underwriter’s reputation and oversubscription. Managerial Finance, 33(5), 332–343. https://doi.org/10.1108/03074350710739614
   Web of Science ®Google Scholar
• Kim, K. A., Kitsabunnarat, P., & Nofsinger, J. R. (2004). Ownership and operating performance in an emerging market: Evidence from Thai IPO firms. Journal of Corporate Finance, 10(3), 355–381. https://doi.org/10.1016/S0929-1199(02)00019-6
   Web of Science ®Google Scholar
• Kiran, R., & Chopra, R. I. (2012). Price performance of IPOS in Indian stock market. Euro Economica, 30(4), 73–97.
   Google Scholar
• Lee, P. J., Taylor, S. L., & Walter, T. (1999). IPO underpricing explanations: Implications from investor application and allocation schedules. The Journal of Financial and Quantitative Analysis, 34(4), 425–444. https://doi.org/10.2307/2676228
   Web of Science ®Google Scholar
• Mishra, A. K. (2010). Underpricing of initial public offerings in India: A comparison of the book-build- ing and fixed-price offerings. Indore Management Journal, 2(2), 37–54.
   Google Scholar
• Morricone, S., Munari, F., Oriani, R., & de Rassenfosse, G. (2017). Commercialization strategy and IPO underpricing. Research Policy, 46(6), 1133–1141. https://doi.org/10.1016/j.respol.2017.04.006
   Web of Science ®Google Scholar
• Mule, R. K., Mukras, M. S., & Mutunga, N. O. (2015). Corporate size, profitability and market value: An econometric panel analysis of listed firms in Kenya. European Scientific Journal, 11(13), 376–396.
   Google Scholar
• Paleari, S., Vismara, S., & Khurshed, A. (2007). Over-optimism when pricing IPOs. Managerial Finance, 33(6), 352–367. https://doi.org/10.1108/03074350710748722
   Web of Science ®Google Scholar
• Perera, W., & Kulendran, N. (2016). Why do IPOs leave money on the table for investors on the first day of trading? A theoretical review. International Journal of Accounting & Business Finance, 2(1), 1–13.
   Google Scholar
• Peristiani, S., & Hong, G. (2004). C urrent I ssues pre-IPO financial performance and aftermarket survival. Federal Reserve Bank of New York, 10(2), 1–8.
   Google Scholar
• Phadke, K. M., & Kamat, M. S. (2018). Impacts of macroeconomic and IPO factors on under-pricing of initial public offerings on the National stock Exchange (NSE) in India. International Journal of Management Studies, 5(1(4), 46. https://doi.org/10.18843/ijms/v5i1(4)/07
   Google Scholar
• Pukthuanthong-Le, K., & Varaiya, N. (2007). IPO pricing, block sales, and long-term performance. Financial Review, 42(3), 319–348. https://doi.org/10.1111/j.1540-6288.2007.00174.x
   Google Scholar
• Rani, P. (2014). An empirical Examination of firm characteristics and its impact on listing day return. International Journal of Finance and Accounting, 3(5), 277–285. https://doi.org/10.5923/j.ijfa.20140305.01
   Google Scholar
• Ross, S. A. (1976). The arbitrage theory of capital asset pricing. Journal of Economic Theory, 13(3), 341–360. https://doi.org/10.1016/0022-0531(76)90046-6
   Web of Science ®Google Scholar
• Roy, P., & Gupta, A. (2022). A study into determinants of underpricing of initial public offerings in India during 2015-2020. International Journal of Economics and Accounting, 11(3), 271. https://doi.org/10.1504/ijea.2022.126284
   Google Scholar
• Shenoy, S. V., & Srinivasan, K. (2018). Relationship of IPO issue price and listing day returns with IPO pricing parameters. International Journal of Management Studies, V(4(1), 11. https://doi.org/10.18843/ijms/v5i4(1)/02
   Google Scholar
• Sinha, N. R., & Madhusoodanan, T. P. (2004). IPO underpricing, issue mechanisms, and size. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.520744
   Google Scholar
• Van Heerden, G., & Alagidede, P. (2012). Short run underpricing of initial public offerings (IPOs) in the Johannesburg stock Exchange (JSE). Review of Development Finance, 2(3–4), 130–138. https://doi.org/10.1016/j.rdf.2012.10.001
   Google Scholar
• Zarowin, P. (1990). Size, seasonality, and stock market overreaction. The Journal of Financial and Quantitative Analysis, 25(1), 113–125. https://doi.org/10.2307/2330891
   Web of Science ®Google Scholar
• Zheng, S. X., & Stangeland, D. A. (2007). IPO underpricing, firm quality, and Analyst forecasts. Financial Management, 36(2), 1–20. https://doi.org/10.1111/j.1755-053X.2007.tb00086.x
   Web of Science ®Google Scholar