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Gupta, Kapil
- Relationship Between Management Quality Certification and IPO Underpricing:Evidence from India
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Authors
Affiliations
1 Department of Management, I K Gujral Punjab Technical University, Jalandhar, Punjab, IN
1 Department of Management, I K Gujral Punjab Technical University, Jalandhar, Punjab, IN
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Journal of Entrepreneurship & Management, Vol 7, No 3 (2018), Pagination: 1-10Abstract
The present study is an attempt to contribute to the extent literature on the Initial Public Offering (IPO) underpricing as it distinctively examines the relationship between the quality certifications used by issuers and the listing day returns of IPOs. The uniqueness of this study also lies in being one of the initial efforts to explore the quality certifications used by the issuers at the time of IPO in India. A sample period of 11 years, that is, 2004-2014, is examined. The average initial excess return (IPO underpricing) is observed at 21%. Taking a lead from the existing literature on IPO underpricing, various board-related, issue-related, and company-related variables were considered for an empirical analysis. It has been observed that the issue-related variables namely, issue size, listing delay, subscription ratio, and financial leverage, are significant. In addition, proxies used for management quality namely, professional associations of the board members, presence of female directors, and role duality, also significantly explain the IPO underpricing. These findings are consistent with Chemmanur and Paeglis (2005) and Reutzel and Belsito (2015).Keywords
Management Quality, Initial Public Offering (IPO), Underpricing, India.
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- Impact of Merger and Acquisition Announcements on Stock Returns and Intraday Volatility:Evidence from Indian Banking Sector
Abstract Views :247 |
PDF Views:1
Authors
Pinky Mall
1,
Kapil Gupta
2
Affiliations
1 Doctoral Student, Department of Management, I.K. Gujral Punjab Technical University, Kapurthala, Punjab, IN
2 Assistant Professor, Department of Management, I.K. Gujral Punjab Technical University, Kapurthala, Punjab, IN
1 Doctoral Student, Department of Management, I.K. Gujral Punjab Technical University, Kapurthala, Punjab, IN
2 Assistant Professor, Department of Management, I.K. Gujral Punjab Technical University, Kapurthala, Punjab, IN
Source
Journal of Entrepreneurship & Management, Vol 8, No 3 (2019), Pagination: 1-11Abstract
The primary objective of present study is to examine the impact of merger and acquisition announcements during 2000-2018 on stock returns and intraday volatility of banks listed on National Stock Exchange in India. The sample of 383 mergers and acquisitions events has been analyzed with the help of event study methodology. Findings suggest that consolidation in Indian banking sector leads to positive average abnormal returns and wealth creation for acquirer bank’s shareholders. These findings are in agreement with Onikoyi et al. (2014), Kumar et al. (2011), and Anand and Singh (2008), and contrary to the evidence provided by Sim (2015), Asimakopoulos and Athanasoglou (2012), and Cybo-Ottone and Murgia, (2000). Further, results show that merger and acquisition in banking sector lead to curvy jumps in volatility around announcement date, which implies that disclosure of restructuring events in the banking sector affects return variability. These results confirm the observations by Pessanha et al. (2016), Kamau (2016), and Louhichi (2008).Keywords
Acquisition, Merger, Stock Return, Average Abnormal Return, Volatility, Event Study Analysis.References
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