IPOS HOT & COLD MARKETS

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DAVALLOU MARYAM; MOSLEMI ELHAM

مرکز اطلاعات علمی Scientific Information Database (SID) - Trusted Source for Research and Academic Resources

Journal Paper

Paper Information

Journal: JOURNAL OF SECURITIES EXCHANGE Year:2017 | Volume:10 | Issue:39 Page(s): 23-47

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Information Journal Paper

Title

IPOS HOT & COLD MARKETS

Author(s)

DAVALLOU MARYAM | MOSLEMI ELHAM | Issue Writer Certificate

Keywords

INITIAL PUBLIC OFFERINGSQ2

CHANGING RISK COMPOSITION HYPOTHESISQ2

UNDERPRICINGQ2

HOT ISSUE MARKETSQ2

MARKET TIMING HYPOTHESISQ1

Abstract

The aim of this study is to assess the characteristics of hot and cold IPO markets in Tehran Stock Exchange. To examin the hypotheses, logit regression and multiple linear regression are used. The sample of the study consists of 118 TSE’s listed companies which have been offered initially during 2001-2013. The results reveal that there is no meaningful relation between hot issue and UNDERPRICING. The findings indicate a reverse relation between hot issue and market performance before IPO and a direct relation between risk of IPOs and hot issue. The results exhibit, although the hot issue phenomenon is not related to UNDERPRICING, a lead-lag relation between UNDERPRICING and hot issue can be understood and it shows a relation between high initial return and the future IPO volume. Additionally, the study concludes that companies which are offered in hot markets, are more risky and underperformance. Moreover, the cross sectional variance in long run abnormal returns is lower for firms going public in hot market. Finally, the findings of the study are sensitive toward the definition of hot issue.

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APA: Copy

DAVALLOU, MARYAM, & MOSLEMI, ELHAM. (2017). IPOS HOT & COLD MARKETS. JOURNAL OF SECURITIES EXCHANGE, 10(39 ), 23-47. SID. https://sid.ir/paper/187752/en

Vancouver: Copy

DAVALLOU MARYAM, MOSLEMI ELHAM. IPOS HOT & COLD MARKETS. JOURNAL OF SECURITIES EXCHANGE[Internet]. 2017;10(39 ):23-47. Available from: https://sid.ir/paper/187752/en

IEEE: Copy

MARYAM DAVALLOU, and ELHAM MOSLEMI, “IPOS HOT & COLD MARKETS,” JOURNAL OF SECURITIES EXCHANGE, vol. 10, no. 39 , pp. 23–47, 2017, [Online]. Available: https://sid.ir/paper/187752/en

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