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- W3128685231 abstract "Purpose This study aims to compare the short-run performance of construction and non-construction initial public offerings (IPOs) that are offered in India during 2006–2015. The study also attempts to investigate the impact of ownership structure (i.e. concentrated ownership in the hand of promoters and institutional ownership) and market sentiment on the performance of construction sector IPOs in short run. Design/methodology/approach A total of 281 IPOs were listed at National Stock Exchange, India, during the study period, and 44 of those were from construction sector. The short-run performance of these construction and non-construction IPOs was compared using two indicators, i.e. monthly stock return (SR) and excess return over market benchmark (MAR). To examine the effect of concentrated ownership in the hand of promoters, institutional ownership and market sentiment on IPO performance, systematic dynamic panel regression model was developed. Findings The IPOs of construction firms perform significantly better than the non-construction firms. The performance of construction IPOs is significantly driven by the lag effect. This suggests a significant informational inefficiency, which results in a delayed reaction by investors. The market sentiment has a positive influence on the performance of construction sector IPOs, whereas the institutional holding has a negative influence. Originality/value To the best of the author’s knowledge, this study is the first attempt to examine the performance of construction sector IPOs in short run. The study uses systematic dynamic panel data regression, which provides better and reliable estimates." @default.
- W3128685231 created "2021-02-15" @default.
- W3128685231 creator A5056202716 @default.
- W3128685231 date "2021-01-21" @default.
- W3128685231 modified "2023-10-18" @default.
- W3128685231 title "Does ownership structure and market sentiment affect the performance of IPOs in India in short run? A dynamic panel data analysis" @default.
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- W3128685231 doi "https://doi.org/10.1108/jfmpc-10-2019-0077" @default.
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