{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,11,6]],"date-time":"2025-11-06T12:15:35Z","timestamp":1762431335726,"version":"3.41.2"},"reference-count":93,"publisher":"Emerald","issue":"2","license":[{"start":{"date-parts":[[2017,7,4]],"date-time":"2017-07-04T00:00:00Z","timestamp":1499126400000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.emerald.com\/insight\/site-policies"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["PROG"],"published-print":{"date-parts":[[2017,7,4]]},"abstract":"<jats:sec><jats:title content-type=\"abstract-subheading\">Purpose<\/jats:title><jats:p>The purpose of this paper is to examine the relevance of information, transparency and information efficiency in short-run performance of new issues. The current research evaluates the short-run performance of IPOs during 2005-2012, which even includes the recessionary period. The present study evaluates the impact of informational variables on first-day returns.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>The short-run performance of the IPOs is measured through market adjusted excess return. A structural equation model (SEM) has been designed to identify how information influences the short-run performance of IPOs.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p>The results of structural model reveal that the sale of promoters\u2019 stake and underwriters\u2019 reputation are the major contributors towards information and are found to be highly significant statistically. The model also shows that the issue size (a component of information) is statistically insignificant at 5 per cent. The model suggests that the availability of information has negative impact on the first day returns indicating that the issuer which disclose maximum information to the public get lower returns on the listing day and hence, their issues are less underpriced.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>The present study has a contribution in investment decisions for global investors, as the participation of international investors is common in IPOs of emerging markets. The findings of the study are expected to be useful to the practitioners in predicting the pricing of IPOs based on the informational variables influencing their performance.<\/jats:p><\/jats:sec>","DOI":"10.1108\/prog-01-2016-0009","type":"journal-article","created":{"date-parts":[[2017,5,19]],"date-time":"2017-05-19T07:14:22Z","timestamp":1495178062000},"page":"116-131","source":"Crossref","is-referenced-by-count":14,"title":["Information asymmetry leads to underpricing: validation through SEM for Indian IPOs"],"prefix":"10.1108","volume":"51","author":[{"given":"Sheena","family":"Chhabra","sequence":"first","affiliation":[]},{"given":"Ravi","family":"Kiran","sequence":"additional","affiliation":[]},{"given":"A.N.","family":"Sah","sequence":"additional","affiliation":[]}],"member":"140","reference":[{"issue":"4","key":"key2020120619513130400_ref001","doi-asserted-by":"crossref","first-page":"168","DOI":"10.1016\/j.mulfin.2012.06.004","article-title":"Hot and cold IPO markets: the case of Stock Exchange of Mauritius","volume":"22","year":"2012","journal-title":"Journal of Multinational Financial Management"},{"issue":"2","key":"key2020120619513130400_ref002","doi-asserted-by":"crossref","first-page":"303","DOI":"10.1016\/0304-405X(89)90060-3","article-title":"Signaling by under-pricing in the IPO market","volume":"23","year":"1989","journal-title":"Journal of Financial Economics"},{"issue":"1","key":"key2020120619513130400_ref003","doi-asserted-by":"crossref","first-page":"137","DOI":"10.1016\/S0304-405X(02)00251-9","article-title":"Allocations, adverse selection and cascades in IPOs: evidence from Israel","volume":"68","year":"2003","journal-title":"Journal of Financial Economics"},{"key":"key2020120619513130400_ref004","doi-asserted-by":"crossref","unstructured":"Arnold, T., Fishe, R. and North, D. (2007), \u201cMeasuring risk disclosure in IPOs and its effect on initial and subsequent returns\u201d, available at: www.researchgate.net\/publication\/228419565_Measuring_Risk_Disclosure_in_IPOs_and_its_Effect_on_Initial_and_Subsequent_Returns (accessed 12 November 2015).","DOI":"10.2139\/ssrn.964992"},{"issue":"5","key":"key2020120619513130400_ref005","first-page":"1","article-title":"Comparative analysis of listing price performance between different graded IPOs in India","volume":"6","year":"2013","journal-title":"Pacific Business Review International"},{"issue":"4","key":"key2020120619513130400_ref006","doi-asserted-by":"crossref","first-page":"68","DOI":"10.4236\/jfrm.2012.14012","article-title":"Determinants of IPOs initial return: extreme analysis of Indian market","volume":"1","year":"2012","journal-title":"Journal of Financial Risk Management"},{"issue":"4","key":"key2020120619513130400_ref007","doi-asserted-by":"crossref","first-page":"131","DOI":"10.5897\/JEIF12.079","article-title":"High credit rating IPOs and determinants of underpricing","volume":"5","year":"2013","journal-title":"Journal of Economics and International Finance"},{"issue":"1-2","key":"key2020120619513130400_ref008","doi-asserted-by":"crossref","first-page":"213","DOI":"10.1016\/0304-405X(86)90055-3","article-title":"Investment banking, reputation and the underpricing of initial public offerings","volume":"15","year":"1986","journal-title":"Journal of Financial Economics"},{"issue":"2","key":"key2020120619513130400_ref088","doi-asserted-by":"crossref","first-page":"238","DOI":"10.1037\/0033-2909.107.2.238","article-title":"Comparative fit indexes in structural models","volume":"107","year":"1990","journal-title":"Psychological Bulletin"},{"issue":"1","key":"key2020120619513130400_ref009","first-page":"262","article-title":"Capital raising, underwriting and the certification hypothesis","volume":"15","year":"1986","journal-title":"Journal of Financial Economics"},{"issue":"2","key":"key2020120619513130400_ref089","doi-asserted-by":"crossref","first-page":"291","DOI":"10.1016\/0304-405X(95)00862-9","article-title":"Ownership dispersion, costly information and IPO underpricing","volume":"41","year":"1996","journal-title":"Journal of Financial Economics"},{"issue":"3","key":"key2020120619513130400_ref010","doi-asserted-by":"crossref","first-page":"316","DOI":"10.1016\/j.jcorpfin.2009.01.003","article-title":"An examination of IPO secondary market returns","volume":"15","year":"2009","journal-title":"Journal of Corporate Finance"},{"key":"key2020120619513130400_ref011","unstructured":"Browne, M.W. and Cudeck, R. (1993), \u201cAlternative ways of assessing model fit\u201d, in Bollen, K.A. and Long, J.S. (Eds), Testing Structural Equation Models, Sage, Newbury Park, pp. 136-162."},{"issue":"4","key":"key2020120619513130400_ref012","doi-asserted-by":"crossref","first-page":"1045","DOI":"10.1111\/j.1540-6261.1990.tb02426.x","article-title":"Initial public offering and underwriter reputation","volume":"45","year":"1990","journal-title":"Journal of Finance"},{"key":"key2020120619513130400_ref090","unstructured":"Datar, V. and Mao, D.Z. (1998), \u201cInitial public offerings in China: why is underpricing so severe\u201d, working paper, Seattle University, Seattle, Washington, DC."},{"issue":"4","key":"key2020120619513130400_ref013","doi-asserted-by":"crossref","first-page":"451","DOI":"10.1016\/j.pacfin.2004.09.004","article-title":"Underwriters reputation and underpricing: evidence from Japanese IPO market","volume":"13","year":"2005","journal-title":"Pacific-Basin Finance Journal"},{"issue":"9","key":"key2020120619513130400_ref014","doi-asserted-by":"crossref","first-page":"2294","DOI":"10.1016\/j.jbankfin.2010.02.018","article-title":"Information content of IPO grading","volume":"34","year":"2010","journal-title":"Journal of Banking and Finance"},{"issue":"3","key":"key2020120619513130400_ref015","first-page":"80","article-title":"Signalling, insider trading, and post-offering performance: the case of initial public offerings","volume":"9","year":"1993","journal-title":"Journal of Applied Business Research"},{"year":"1993","key":"key2020120619513130400_ref016","article-title":"Initial public offerings: the Spanish experience"},{"key":"key2020120619513130400_ref017","doi-asserted-by":"crossref","unstructured":"Ghosh, S. (2004), \u201cBoom and slump periods in the Indian IPO market\u201d, available at: www.rbi.org.in\/scripts\/PublicationsView.aspx?id=7920 (accessed 2 August 2015).","DOI":"10.1016\/S1351-4210(04)00218-5"},{"issue":"13","key":"key2020120619513130400_ref018","doi-asserted-by":"crossref","first-page":"1099","DOI":"10.1080\/09603100701466062","article-title":"What factors drive IPO aftermarket risk?","volume":"18","year":"2008","journal-title":"Applied Financial Economics"},{"key":"key2020120619513130400_ref019","unstructured":"Guner, N., Onder, Z. and Rhoades, S.D. (2000), \u201cUnderwriter reputation and short-run IPO returns: a re-evaluation for an emerging market\u201d, available at: www.ecommons.luc.edu\/cgi\/viewcontent.cgi?article=1013&context=meea (accessed 13 July 2015)."},{"issue":"2","key":"key2020120619513130400_ref020","doi-asserted-by":"crossref","first-page":"231","DOI":"10.1016\/0304-405X(93)90019-8","article-title":"Underpricing of initial public offerings and partial adjustment phenomenon","volume":"34","year":"1993","journal-title":"Journal of Financial Economics"},{"key":"key2020120619513130400_ref021","unstructured":"Hanley, K.W. and Hoberg, G. (2008), \u201cStrategic disclosure and the pricing of initial public offerings\u201d, available at: http:\/\/business.missouri.edu\/yanx\/seminar\/hanley_hoberg_January_2008.pdf (accessed 24 December 2015)."},{"issue":"3","key":"key2020120619513130400_ref022","doi-asserted-by":"crossref","first-page":"651","DOI":"10.1111\/j.1540-6261.1982.tb02215.x","article-title":"Direct equity financing: a resolution of a paradox","volume":"37","year":"1982","journal-title":"Journal of Finance"},{"issue":"3","key":"key2020120619513130400_ref023","doi-asserted-by":"crossref","first-page":"773","DOI":"10.1093\/rfs\/8.3.773","article-title":"Predictable risk and returns in emerging markets","volume":"8","year":"1995","journal-title":"Review of Financial Studies"},{"issue":"3-4","key":"key2020120619513130400_ref024","doi-asserted-by":"crossref","first-page":"130","DOI":"10.1016\/j.rdf.2012.10.001","article-title":"Short run underpricing of initial public offerings in the Johannesburg Stock Exchange","volume":"2","year":"2012","journal-title":"Review of Development Finance"},{"issue":"1","key":"key2020120619513130400_ref025","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1080\/10705519909540118","article-title":"Cutoff criteria for fit indexes in covariance structure analysis, conventional criteria versus new alternatives","volume":"6","year":"1999","journal-title":"Structural Equation Modelling"},{"issue":"3","key":"key2020120619513130400_ref026","doi-asserted-by":"crossref","first-page":"235","DOI":"10.1016\/0304-405X(75)90015-X","article-title":"Price performance of common stock new issues","volume":"2","year":"1975","journal-title":"Journal of Financial Economics"},{"key":"key2020120619513130400_ref027","doi-asserted-by":"crossref","unstructured":"Jacoby, J. and Agarwalla, S.K. (2012), \u201cMandatory IPO grading: does it help pricing efficiency?\u201d, available at: www.iimahd.ernet.in\/assets\/snippets\/workingpaperpdf\/5627045722012-12-07.pdf (accessed 14 August 2015).","DOI":"10.2139\/ssrn.2195037"},{"issue":"5","key":"key2020120619513130400_ref028","doi-asserted-by":"crossref","first-page":"1699","DOI":"10.1111\/j.1540-6261.1994.tb04778.x","article-title":"The post-issue operating performance of IPO firms","volume":"49","year":"1994","journal-title":"Journal of Finance"},{"issue":"1","key":"key2020120619513130400_ref029","doi-asserted-by":"crossref","first-page":"83","DOI":"10.1177\/0256090920120107","article-title":"Underpricing of initial public offerings in Indian Capital Market","volume":"37","year":"2012","journal-title":"Vikalpa"},{"issue":"3","key":"key2020120619513130400_ref030","doi-asserted-by":"crossref","first-page":"179","DOI":"10.1111\/j.1741-6248.2005.00041.x","article-title":"Long-run IPO performance analysis of German and Spanish family-owned businesses","volume":"18","year":"2005","journal-title":"Family Business Review"},{"volume-title":"LISREL 8: Structural Equation Modeling with the SIMPLIS Command Language","year":"1993","key":"key2020120619513130400_ref091"},{"issue":"1","key":"key2020120619513130400_ref031","first-page":"81","article-title":"IPO underpricing","volume":"VIII","year":"2000","journal-title":"The Park Place Economist"},{"issue":"5","key":"key2020120619513130400_ref032","doi-asserted-by":"crossref","first-page":"332","DOI":"10.1108\/03074350710739614","article-title":"Initial performance of Greek IPOs, underwriter\u2019s reputation and oversubscription","volume":"33","year":"2007","journal-title":"Managerial Finance"},{"issue":"1","key":"key2020120619513130400_ref033","doi-asserted-by":"publisher","first-page":"154","DOI":"10.1016\/j.finmar.2013.12.001","article-title":"Transparent bookbuilding, certification and initial public offerings","volume":"19","year":"2014","journal-title":"Journal of Financial Markets"},{"issue":"3","key":"key2020120619513130400_ref034","doi-asserted-by":"crossref","first-page":"569","DOI":"10.1111\/j.1540-6261.1972.tb00985.x","article-title":"Price impacts of block trading on the New York Exchanges","volume":"27","year":"1972","journal-title":"Journal of Finance"},{"issue":"1","key":"key2020120619513130400_ref035","first-page":"150","article-title":"Study the underpricing and pricing mechanisms used in IPOs in BSE","volume":"4","year":"2015","journal-title":"International Journal of Science Technology and Management"},{"key":"key2020120619513130400_ref036","first-page":"108","article-title":"Underwriter reputation and the decision to go public","volume":"6","year":"2011","journal-title":"Journal of Finance and Accountancy"},{"issue":"2","key":"key2020120619513130400_ref092","doi-asserted-by":"crossref","first-page":"371","DOI":"10.1111\/j.1540-6261.1977.tb03277.x","article-title":"Informational asymmetries, financial structure, and financial intermediation","volume":"32","year":"1977","journal-title":"The Journal of Finance"},{"key":"key2020120619513130400_ref037","unstructured":"Ljungqvist, A.P. (1999), \u201cIPO underpricing, wealth loss and the curious role of venture capitalists in the creation of public companies\u201d, working paper, Oxford University, OX2 6HE."},{"issue":"1","key":"key2020120619513130400_ref038","doi-asserted-by":"crossref","first-page":"91","DOI":"10.2307\/2329751","article-title":"On the pricing of unseasoned equity issues","volume":"8","year":"1973","journal-title":"Journal of Financial and Quantitative Analysis"},{"issue":"3","key":"key2020120619513130400_ref039","first-page":"5","article-title":"Why has IPO underpricing changed over time?","volume":"33","year":"2004","journal-title":"Financial Management"},{"issue":"2\/3","key":"key2020120619513130400_ref040","first-page":"165","article-title":"Initial public offerings: international insights","volume":"2","year":"1994","journal-title":"Pacific-Basin Finance Journal"},{"issue":"2","key":"key2020120619513130400_ref041","doi-asserted-by":"crossref","first-page":"425","DOI":"10.1111\/j.1540-6261.2009.01540.x","article-title":"The variability of IPO initial returns","volume":"65","year":"2010","journal-title":"The Journal of Finance"},{"issue":"4","key":"key2020120619513130400_ref042","doi-asserted-by":"crossref","first-page":"1019","DOI":"10.1111\/j.1540-6261.1990.tb02425.x","article-title":"Equity issues and stock price dynamics","volume":"45","year":"1990","journal-title":"The Journal of Finance"},{"issue":"2","key":"key2020120619513130400_ref043","doi-asserted-by":"crossref","first-page":"165","DOI":"10.1111\/j.1468-5957.1992.tb00617.x","article-title":"An examination of the under-pricing of initial public offerings in Hong Kong: 1980-90","volume":"19","year":"1992","journal-title":"Journal of Business Finance & Accounting"},{"issue":"1","key":"key2020120619513130400_ref044","first-page":"24","article-title":"Investments in IPOs in the Indian Capital Market","volume":"3","year":"2003","journal-title":"BimaQuest"},{"issue":"5","key":"key2020120619513130400_ref045","first-page":"1659","article-title":"Issue size and underpricing in thrift-mutual-to-stock conversions","volume":"48","year":"1993","journal-title":"Journal of Finance"},{"issue":"6","key":"key2020120619513130400_ref046","doi-asserted-by":"crossref","first-page":"481","DOI":"10.1080\/03088830903346053","article-title":"Global shipping IPOs performance","volume":"36","year":"2009","journal-title":"Maritime Policy & Management: The Flagship Journal of International Shipping and Port Research"},{"issue":"2","key":"key2020120619513130400_ref047","doi-asserted-by":"crossref","first-page":"279","DOI":"10.1093\/rfs\/7.2.279","article-title":"The pricing of initial public offerings: tests of adverse-selection and signaling theories","volume":"7","year":"1994","journal-title":"The Review of Financial Studies"},{"issue":"4","key":"key2020120619513130400_ref048","doi-asserted-by":"crossref","first-page":"1151","DOI":"10.1111\/j.1540-6261.1977.tb03317.x","article-title":"Risk, uncertainty, and divergence of opinion","volume":"32","year":"1977","journal-title":"The Journal of Finance"},{"issue":"2","key":"key2020120619513130400_ref049","doi-asserted-by":"crossref","first-page":"33","DOI":"10.2307\/3666001","article-title":"An examination of mispricing, returns and uncertainty for initial public offerings","volume":"16","year":"1987","journal-title":"Financial Management"},{"issue":"3","key":"key2020120619513130400_ref050","first-page":"2196","article-title":"IPO grading: is there any value addition?","volume":"5","year":"2016","journal-title":"International Journal of Science and Research"},{"issue":"2","key":"key2020120619513130400_ref051","first-page":"38","article-title":"Underpricing of initial public offerings in India: a comparison of the book-building and fixed-price offerings","volume":"2","year":"2010","journal-title":"Indore Management Journal"},{"issue":"1","key":"key2020120619513130400_ref052","doi-asserted-by":"crossref","first-page":"71","DOI":"10.4067\/S0718-52862016000100004","article-title":"An examination of short-run performance of IPOs using extreme bounds analysis","volume":"43","year":"2016","journal-title":"Estudios de Econom\u00eda"},{"issue":"7","key":"key2020120619513130400_ref053","first-page":"895","article-title":"Underpricing of IPOs during hot and cold market periods on the South African Stock Exchange (JSE)","volume":"7","year":"2013","journal-title":"International Journal of Social, Human Science and Engineering"},{"issue":"4","key":"key2020120619513130400_ref054","first-page":"247","article-title":"Mandatory IPO grading: does it impact on investors perception","volume":"7","year":"2016","journal-title":"International Journal of Engineering and Management Sciences"},{"issue":"2","key":"key2020120619513130400_ref055","doi-asserted-by":"crossref","first-page":"215","DOI":"10.1111\/j.1475-6803.2005.00122.x","article-title":"Under-pricing and long-run performance of share issue privatization in the Egyptian Stock Market","volume":"28","year":"2005","journal-title":"Journal of Financial Research"},{"issue":"4","key":"key2020120619513130400_ref056","doi-asserted-by":"crossref","first-page":"731","DOI":"10.1111\/fima.12060","article-title":"How do underwriters select peers when valuing IPOs?","volume":"43","year":"2014","journal-title":"Financial Management"},{"key":"key2020120619513130400_ref057","unstructured":"Pandey, A. (2005), \u201cInitial returns, long run performance and characteristics of issuers: differences in Indian IPOs following fixed price and book building processes\u201d, available at: www.iimahd.ernet.in\/publications\/data\/2005-01-07ajay.pdf (accessed 5 January 2014)."},{"key":"key2020120619513130400_ref093","unstructured":"Pandey, A. and Kumar, A.G. (2001), \u201cRelative effectiveness of signals in Indian IPO markets\u201d, Working Paper No. 2001-09-03\/1670, IIM, Ahmedabad, available at: http:\/\/vslopac.iimahd.ernet.in\/cgi-bin\/koha\/opac-detail.pl?biblionumber=71765 (accessed 8 January 2014)."},{"issue":"1","key":"key2020120619513130400_ref058","doi-asserted-by":"crossref","first-page":"42","DOI":"10.1016\/j.jwb.2012.11.002","article-title":"Cross-listing and the scope of the firm","volume":"49","year":"2014","journal-title":"Journal of World Business"},{"issue":"1","key":"key2020120619513130400_ref059","first-page":"1","article-title":"Evaluation of short-run market performance and its determinants using binary models: evidence from Australian IPOs","volume":"2","year":"2014","journal-title":"Journal of Insurance and Financial Mangement"},{"issue":"2","key":"key2020120619513130400_ref060","first-page":"1","article-title":"Pre-IPO financial performance and after-market survival","volume":"10","year":"2004","journal-title":"Current Issues in Economics & Finance"},{"key":"key2020120619513130400_ref061","unstructured":"Poudyal, S. (2008), \u201cGrading initial public offerings (IPOs) in India\u2019s Capital Markets: a globally unique concept\u201d, available at http:\/\/iimahd.ernet.in\/publications\/data\/2008-12-08Sanjay.pdf (accessed 12 February 2014)."},{"issue":"5","key":"key2020120619513130400_ref062","doi-asserted-by":"crossref","first-page":"73","DOI":"10.2469\/faj.v25.n5.73","article-title":"Investor experience with new stock issues","volume":"25","year":"1969","journal-title":"Financial Analyst Journal"},{"issue":"1","key":"key2020120619513130400_ref063","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1111\/j.1540-6261.1991.tb03743.x","article-title":"The long run performance of initial public offerings","volume":"46","year":"1991","journal-title":"Journal of Finance"},{"issue":"4","key":"key2020120619513130400_ref064","doi-asserted-by":"crossref","first-page":"1795","DOI":"10.1111\/1540-6261.00478","article-title":"A review of IPO activity, pricing and allocations","volume":"57","year":"2002","journal-title":"The Journal of Finance"},{"issue":"1-2","key":"key2020120619513130400_ref065","doi-asserted-by":"crossref","first-page":"187","DOI":"10.1016\/0304-405X(86)90054-1","article-title":"Why new issues are underpriced","volume":"15","year":"1986","journal-title":"Journal of Financial Economics"},{"issue":"4","key":"key2020120619513130400_ref066","doi-asserted-by":"crossref","first-page":"27","DOI":"10.1177\/0256090920100403","article-title":"After market pricing performance of initial public offerings (IPOs): Indian IPO market 2002-2006","volume":"35","year":"2010","journal-title":"Vikalpa"},{"issue":"1","key":"key2020120619513130400_ref067","first-page":"61","article-title":"Does IPO grading positively influence retail investors? A quantitative study in Indian Capital Market","volume":"2","year":"2014","journal-title":"SAMZODHANA \u2013 Journal of Management Research"},{"issue":"2","key":"key2020120619513130400_ref068","doi-asserted-by":"crossref","first-page":"183","DOI":"10.5296\/ber.v3i2.4585","article-title":"Valuation of IPOs in India \u2013 an empirical study","volume":"3","year":"2013","journal-title":"Business and Economic Research"},{"key":"key2020120619513130400_ref069","unstructured":"Shah, A. (1995), \u201cThe Indian IPO market: empirical facts\u201d, available at: www.underpricing.de\/Downloads\/Shah_Indian%20IPO%20Market.pdf (accessed 5 February 2014)."},{"key":"key2020120619513130400_ref070","first-page":"77","article-title":"Initial performance of IPOs in India: evidence from 2010-2014","volume":"9","year":"2015","journal-title":"SAMVAD: International Journal of Management"},{"issue":"38","key":"key2020120619513130400_ref071","first-page":"181","article-title":"The relationship between IPO underpricing phenomenon & the underwriters\u2019 reputation","volume":"13","year":"2010","journal-title":"The Romanian Economic Journal"},{"issue":"1","key":"key2020120619513130400_ref072","first-page":"48","article-title":"IPO performance and IPO grading in Indian markets: an empirical study (2008-2012)","volume":"7","year":"2013","journal-title":"NITTE Management Review"},{"issue":"1","key":"key2020120619513130400_ref073","first-page":"1","article-title":"IPO grading and short term performance of IPOs in India","volume":"36","year":"2012","journal-title":"Udyog Pragati"},{"issue":"1","key":"key2020120619513130400_ref074","first-page":"62","article-title":"Determinants of under-pricing of IPOs regarding financial & non-financial firms in Pakistan","volume":"15","year":"2009","journal-title":"European Journal of Economics, Finance and Administrative Sciences"},{"issue":"4","key":"key2020120619513130400_ref075","doi-asserted-by":"crossref","first-page":"709","DOI":"10.1093\/rfs\/4.4.709","article-title":"Preplay communication, participation restrictions, and efficiency in initial public offerings","volume":"4","year":"1991","journal-title":"Review of Financial Studies"},{"issue":"C","key":"key2020120619513130400_ref076","first-page":"20","article-title":"An evaluation of the impact of stock market reforms on IPO under-pricing in China: the certification role of underwriters","volume":"28","year":"2013","journal-title":"International Review of Financial Analysis"},{"issue":"1","key":"key2020120619513130400_ref077","first-page":"789","article-title":"Leverage, insider ownership, and the underpricing of IPOs in China","volume":"14","year":"2004","journal-title":"Journal of International Financial Markets, Institutions and Money"},{"issue":"2","key":"key2020120619513130400_ref078","doi-asserted-by":"crossref","first-page":"159","DOI":"10.1016\/0165-4101(86)90016-9","article-title":"Information quality and the valuation of new issues","volume":"8","year":"1986","journal-title":"Journal of Accounting and Economics"},{"issue":"1","key":"key2020120619513130400_ref079","doi-asserted-by":"crossref","first-page":"5","DOI":"10.1080\/1350485042000187426","article-title":"IPO underpricing over time: evidence from the UK","volume":"11","year":"2004","journal-title":"Applied Economics Letters"},{"key":"key2020120619513130400_ref080","unstructured":"Venkatesh, S. and Neupane, S. (2005), \u201cDoes ownership structure affect IPO underpricing: evidence from Thai IPOs\u201d, available at: www.researchgate.net\/profile\/Suman_Neupane4\/publication\/228635627_Does_ Ownership_Structure_Effect_IPO_underpricing_Evidence_from_Thai_IPOs\/links\/5440ed020cf251bced6149d1.pdf (accessed 19 May 2014)."},{"journal-title":"Entrepreneurship Theory and Practice","article-title":"Information cascades among investors in equity crowdfunding","year":"2016","key":"key2020120619513130400_ref081"},{"issue":"3","key":"key2020120619513130400_ref082","doi-asserted-by":"crossref","first-page":"17","DOI":"10.57229\/2373-1761.1217","article-title":"Does underwriter reputation affect the performance of IPO issues?","volume":"8","year":"2003","journal-title":"The Journal of Entrepreneurial Finance"},{"issue":"2","key":"key2020120619513130400_ref083","doi-asserted-by":"crossref","first-page":"153","DOI":"10.1108\/01140580710819906","article-title":"The impact of audit firm industry differentiation on IPO underpricing","volume":"19","year":"2007","journal-title":"Pacific Accounting Review"},{"issue":"2","key":"key2020120619513130400_ref084","doi-asserted-by":"crossref","first-page":"695","DOI":"10.1111\/j.1540-6261.1992.tb04406.x","article-title":"Sequential sales, learning, and cascades","volume":"47","year":"1992","journal-title":"Journal of Finance"},{"issue":"3","key":"key2020120619513130400_ref085","first-page":"1","article-title":"An assessment of the performance of initial public offering (IPOs) in Malaysia","volume":"6","year":"2015","journal-title":"Research Journal of Finance and Accounting"},{"issue":"3","key":"key2020120619513130400_ref086","doi-asserted-by":"crossref","first-page":"293","DOI":"10.1007\/s11156-005-4769-z","article-title":"Pursuing value through liquidity in IPOs: underpricing, share retention, lockup, and trading volume relationship","volume":"25","year":"2005","journal-title":"Review of Quantitative Finance and Accounting"},{"issue":"2\/3","key":"key2020120619513130400_ref087","doi-asserted-by":"crossref","first-page":"345","DOI":"10.1504\/IJFSM.2006.009635","article-title":"Deep underpricing of China\u2019s IPOs: sources and implications","volume":"1","year":"2006","journal-title":"International Journal of Financial Services Management"}],"container-title":["Program"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/PROG-01-2016-0009\/full\/xml","content-type":"application\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/www.emerald.com\/insight\/content\/doi\/10.1108\/PROG-01-2016-0009\/full\/html","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T21:57:20Z","timestamp":1753394240000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.emerald.com\/dta\/article\/51\/2\/116-131\/333278"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2017,7,4]]},"references-count":93,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2017,7,4]]}},"alternative-id":["10.1108\/PROG-01-2016-0009"],"URL":"https:\/\/doi.org\/10.1108\/prog-01-2016-0009","relation":{},"ISSN":["0033-0337"],"issn-type":[{"type":"print","value":"0033-0337"}],"subject":[],"published":{"date-parts":[[2017,7,4]]}}}