IPO underpricing from the institutional investor perspective : evidence from emerging markets

Ichev, Riste (avtor)

This paper examines IPO underpricing from the institutional investor perspective in emerging markets. Observing market adjusted returns for several countries, industries, and years, results show evidence that the underpricing phenomenon is present across all emerging markets, averaging at 30.29% on the first trading day, and 27.98% for the first trading month. Underpricing particularly stands out in China, for the Basic Materials industry, during the 2007/2008 financial crisis period, increases with higher levels of property rights protection and decreases in countries with relatively more freedom from corruption. Underpricing is positively related to a country’s legal framework and negatively related to the number of IPOs.

• Jezik: Angleški jezik
• Ključne besede: financial market, stock exchange, shares, IPO, underpricing, emerging markets, market adjusted returns
• Vrsta gradiva: Članek v reviji
• Tipologija: 1.01 - Izvirni znanstveni članek
• Organizacija: EF - Ekonomska fakulteta
• Status publikacije: Objavljeno
• Različica publikacije: Objavljena publikacija
• Leto izida: 2023
• Št. strani: 16 str.
• Številčenje: Vol. 36, iss. 1, article no. 2179506
• PID: 20.500.12556/RUL-147834
• UDK: 336
• ISSN pri članku: 1331-677X
• DOI: 10.1080/1331677X.2023.2179506
• COBISS.SI-ID: 141069059
• Datum objave v RUL: 13.07.2023

Gradivo je del revije

• Naslov: Ekonomska istraživanja = Economic research
• Založnik: Taylor & Francis, Sveučilište Jurja Dobrile u Puli
• ISSN: 1331-677X
• COBISS.SI-ID: 6796877

Licence

• Licenca: CC BY 4.0, Creative Commons Priznanje avtorstva 4.0 Mednarodna
• Povezava: http://creativecommons.org/licenses/by/4.0/deed.sl
• Opis: To je standardna licenca Creative Commons, ki daje uporabnikom največ možnosti za nadaljnjo uporabo dela, pri čemer morajo navesti avtorja.

Sekundarni jezik

• Jezik: Slovenski jezik
• Ključne besede: finančni trg, borze, delnice

Projekti

• Financer: ARRS - Agencija za raziskovalno dejavnost Republike Slovenije
• Številka projekta: P5-0161
• Naslov: Izzivi vlagateljev, podjetij, finančnih institucij in države v negotovem evropskem gospodarskem okolju