Financial and Operating Performance of Initial Public Offerings in Pakistan

Autor:	Irfan Khadim, Amir Rafique, Muhammad Tariq, Muhammad Umer Quddoos
Rok vydání:	2020
Předmět:	Finance Leverage (finance) Financial performance business.industry Sample (statistics) Initial Public Offering Low demand Stock exchange Operating Performance Investor Demand Portfolio Business Financial Performance Initial public offering Underwriting
Zdroj:	iRASD Journal of Economics. 2:35-42
ISSN:	2709-6742 2709-6734
DOI:	10.52131/joe.2020.0101.0014
Popis:	This study examines the relationship between prior IPO demands and post-IPO financial and operating performance of firms listed in the Pakistan Stock Exchange. A sample of 51 listed firms, covering a period of ten years, is examined. Predominantly, the investors' demand has been analyzed from two perspectives including oversubscription (a high demand from investors as compared to shares offered by firms) and under subscription (a low demand from investors as compared to shares offered by the firm). Multiple regression analysis has been applied, where the findings revealed that investors demand IPO bring no significant change in the financial and operating performance of IPO firms. Moreover, the analysis reveals that firm size, issue size, and leverage bring no notable change in the operating performance of IPO firms. The findings are important for the investors, portfolio managers, and underwriters.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::1954c1ec2187867b4b0e8fb506b0141b https://doi.org/10.52131/joe.2020.0101.0014 Zobrazit plný text záznamu