Performance and capital structure of IPOs in Pakistan from 2000 to 2015  

作　　者：Attiya Yasmin Javid Henna Malik 

机构地区：[1]Economics Department,Pakistan Institute of Development Economics(PIDE),Quaid-i-Azam University,P.O.Box 1091,Islamabad,Pakistan [2]Pakistan Institute of Development Economics(PIDE),Economics and Finance Department,Quaid-i-Azam University,P.O.Box 1091,Islamabad,Pakistan

出　　处：《Financial Innovation》2016年第1期167-185,共19页金融创新（英文）

摘　　要：Background:When a privately owned firm or privatized government entity raises capital by selling its stocks for the first time to general public,is known as initial public offering(IPO).The underpricing phenomenon and ownership structure are important characteristics of IPO process that significantly affect the short-run and long-run performance of private firm and privitized entity.This study compares the short-and long-run performance,and factors affecting these performances for both private IPOs and privatized IPOs in Pakistan.It further investigates the relationship between capital structor and initial underpricing for both group of IPOs.Methods:Event study methodology is used to compares short-and long-run performance spanning from March 2000 to June 2015 of two categories of IPOs issued in the Karachi Stock Exchange(KSE).Multivariate regression analysis is applied to examine the factors that affect the short-run and long-run performance as well as for investigating the relationship betwen underpricing and ownership structure for both group of IPOs.Results:We find that both categories outperform in IPOs at which they are offered to investors on first day of trading,although differences in mean are insignificant.Over a five-year buy-and hold strategy,privatizing IPOs outperform and private IPOs underperform returns on the benchmark KSE 100 Stock Index.The results reveal that the size of the private firm or government entity,aftermarket risk of IPOs,and subscription ratio are significantly associated with the underpricing of IPO shares brought to market.First-day returns,market volatility and retained ownership are associated with higher five-year performance.We find that the concentration of ownership is similar,for both categories of IPOs;and significantly positive related to underpricing.The size of the firm/entity,aftermarket risk,return on assets and subscription ratio also affect ownership concentration.Conclusions:Same level of underpricing in both private and privatized IPOs reveals that Pakistan’s g

关 键 词：Initial public offering UNDERPRICING Aftermarket performance Private owned firms Public owned firms Capital structure Pakistan 

分 类 号：F83[经济管理—金融学]