Strategic participation in IPOs by affiliated mutual funds: Thai evidence

Saengchote, Kanis; Sthienchoak, Jananya

doi:10.1016/j.pacfin.2020.101427

Cited by 4 publications

(3 citation statements)

References 63 publications

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“…The Saengchote and Sthienchoak (2020) databank include 190 SBP official statements between 2001 and 2020. Modifications in 3-months fed futures, which can be negatively associated with Standard and Poor 500 within thirty-min window (15-minutes earlier, 15-minutes later) immediate SBP official statements, are categorized as traditional shocks.…”

Section: Methodsmentioning

confidence: 99%

Dynamics of Monetary Policy Impact on Initial Public Offering: Insights From the Pakistan Stock Exchange

Hussain,

Rasheed,

Mahmood

2023

JSSD

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This study explores heterochthonous monetary shocks' effect on the initial public offering market, employing excessive-frequency identity approach. Saengchote and Sthienchoak (2020) databank include 190 SBP official statement between 2001 and 2020. Modifications in 3-months fed futures, which can be negatively associated with Standard and Poor 500 within thirty-min window (15-minutes earlier, 15-minutes later) immediate SBP official statements, are categorized as traditional shocks. Contractionary shocks within the traditional logic cause a drop in the initial public offering undertaking. Opposed to, contractionary shocks that deliver the influential financial facts generate an upward thrust in initial public offering task. The setting apart traditional monetary shocks from state financial institution statistics shocks permits an ironic evaluation of monetary policies affecting initial public offering market. This study has added two major points to literature as it shows that monetary policy has impartial role in determining initial public offering market, also research shows that informational effect of financial shocks is as essential such as traditional effect in upsetting the initial public offering goings-on.

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Section: Methodsmentioning

confidence: 99%

Dynamics of Monetary Policy Impact on Initial Public Offering: Insights From the Pakistan Stock Exchange

Hussain,

Rasheed,

Mahmood

2023

JSSD

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“…IPO underpricing and long-run poor performance have been the stylized facts of literature [4] since emergence as the first study by (Ibbotson, 1975). Studies unveil mis-valuation, window dressing, earning management (Ali, 2017a;Liu and Wu, 2021;Pandey and Pattanayak, 2022;Peng et al, 2020), strategizing market-timings (Santos, 2017;Wadhwa and Syamala, 2018;Yan and Williams, 2021), camouflaging attempts (Ali, 2017a;Dark and Ghicas et al, 2000) and quid pro quo allocation (Jenkinson et al, 2018;Saengchote and Sthienchoak, 2020) as some of the notable factors driving the information asymmetry and pricing and performance anomaly. In this backdrop, the present study examines the intrinsic factors associated with IPO performance and post-listing resilience of issuer firms.…”

Section: Introductionmentioning

confidence: 99%

“…, 2000) and quid pro quo allocation (Jenkinson et al. , 2018; Saengchote and Sthienchoak, 2020) as some of the notable factors driving the information asymmetry and pricing and performance anomaly. In this backdrop, the present study examines the intrinsic factors associated with IPO performance and post-listing resilience of issuer firms.…”

Section: Introductionmentioning

confidence: 99%

IPO performance anomaly: evidence from new aged ventures and loss-making listings in India

Agrawal

2024

JAMR

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PurposeThe study examines the IPO resilience grounded on the firm’s intrinsic factors.Design/methodology/approachWe examine the association of IPO performance and post-listing firm’s performance with issuers' pre-listing financial and qualitative traits using panel data regression.FindingsIPOs floated in the Indian market from July 2009 to March 31, 2022, evince the notable influence of issuers' pre-IPO fundamentals and legitimacy traits on IPO returns and post-listing earning power. Where the pandemic’s favorable impact is discerned on the post-listing year earning power of the issuer firms, the loss-making issuers appear to be adversely affected by the Covid disruption. Perhaps, the successful listing equipped the issuers with the financial flexibility to combat market challenges vis-à-vis failed issuers deprived of desired IPO proceeds.Research limitations/implicationsHigh initial returns followed by a declining pattern substantiate the retail investors to be less informed vis-à-vis initial investors, valuers and underwriters, who exit post-listing after profit booking. Investing in the shares of the newly listed ventures post-listing in the secondary market can shield retail investors from the uncertainty losses of being uninformed. The IPO market needs stringent regulations ensuring the verification of the listing valuation, the firm’s credentials and the intent of utilizing IPO proceeds. Healthy development of the IPO market merits reconsidering the listing of ventures with weak fundamentals suspected to withstand the market challenges.Originality/valueGiven the tremendous rise in the new firm venturing into the primary market and the spike in IPOs countering the losses immediately post-opening, the study examines the loss-making and young firms IPOs separately, adding novelty to the study.

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You scratch my back and i scratch yours: evidence from relationship-based bidding in IPO auctions

Wang

2024

Rev Quant Finan Acc

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Strategic participation in IPOs by affiliated mutual funds: Thai evidence

Cited by 4 publications

References 63 publications

Dynamics of Monetary Policy Impact on Initial Public Offering: Insights From the Pakistan Stock Exchange

Dynamics of Monetary Policy Impact on Initial Public Offering: Insights From the Pakistan Stock Exchange

IPO performance anomaly: evidence from new aged ventures and loss-making listings in India

You scratch my back and i scratch yours: evidence from relationship-based bidding in IPO auctions

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