financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2020-25-6-128-144finance-1385Research ArticleФОНДОВЫЙ РЫНОКSTOCK MARKETВлияние раскрытия информации о рисках на результаты iPO: данные из ИндииImpact of risk disclosures on IPO performance: Evidence from Indiahttps://orcid.org/0000-0002-7387-8688ГуптаКхушбуGuptaKhushboo

Кхушбу Гупта — научный сотрудник, Колледж торговли и финансов Амити

Нойда

Khushboo Gupta — Research Scholar at Amity College of Commerce and Finance

Noida

khushboo608@gmail.comhttps://orcid.org/0000-0002-4335-3450РаманТ. В.RamanT. V.

Таникелла В. Раман — профессор, Бизнес-школа Амити

Нойда

Thanikella V. Raman — Professor at Amity Business School

Noida

tvraman@amity.eduhttps://orcid.org/0000-0003-1239-5022ДеолО. С.DeolO. S.

Омкар С. Деол — доцент, Вечерний колледж имени Бхагата Сингха

Нью-Дели

Omkar S. Deol — Associate Professor at Shaheed Bhagat Singh Evening College

New Delhi

deolomkar@gmail.comhttps://orcid.org/0000-0001-7211-7652ГуптаКанишкаGuptaKanishka

Канишка Гупта — доцент кафедры, Научный центр в области управления «Симбиоз»

Нойда

Kanishka Gupta — Assistant Professor at Symbiosis Centre for Management Studies

Noida

kani2607@gmail.comУниверситет АмитиИндияAmity UniversityIndiaДелийский университетИндияUniversity of DelhiIndiaМеждународный университет СимбиозаИндияSymbiosis International (Deemed University)India202122122021256128144Copyright © Гупта К., Раман Т.В., Деол О.С., Гупта К., 20212021Гупта К., Раман Т.В., Деол О.С., Гупта К.Gupta K., Raman T.V., Deol O.S., Gupta K.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/1385

Основная цель данной работы — изучить показатели индийских IPO в контексте раскрытия информации о рисках в эмиссионных документах. Для оценки влияния факторов раскрытия рисков на первоначальную доходность, последующую доходность и риск после выпуска IPO в исследовании использовалась обыкновенная регрессия по методу наименьших квадратов. В ходе исследования проанализировано 109 IPO, которые были осуществлены на двух основных индийских фондовых биржах (NSEI, BSE) в период 2015–2019 гг. Результаты настоящей работы противоречат предыдущим исследованиям, которые показали, что раскрытие информации снижает асимметрию, которая считается основной причиной занижения цен. Однако в настоящем исследовании не было обнаружено никакой связи между раскрытием информации о рисках и недооценкой при IPO. Количественные показатели риска продемонстрировали положительную связь с доходностью за один год, но качественные показатели не зафиксировали никакой связи. Риск фирм после выпуска имеет положительную связь с внешними факторами риска, перечисленными в проспекте эмиссии, и отрицательную связь с ликвидностью. Результаты данного исследования могут быть полезны инвесторам для принятия решений об инвестировании в индийские IPO. Кроме того, менеджеры компанийэмитентов и ведущие менеджеры выпусков могут использовать результаты данного исследования для улучшения ценообразования выпусков. Насколько известно авторам, в индийском контексте не проводилось исследование, посвященное раскрытию информации о рисках (количественные и качественные показатели) и эффективности IPO. Настоящая работа восполняет этот пробел и вносит вклад в существующую литературу

The main aim of the paper is to explore the performance of Indian IPOs in the context of risk disclosures in the offer documents. For the purpose of assessing the impact of risk disclosure factors on initial returns, subsequent returns and post issue risk of IPOs, the study has implemented ordinary least square regression. The study has analysed 109 IPOs that were listed in two main Indian stock exchanges (BSE and NSE) from 2015–2019. Outcomes of the present study are contrary to the previous studies which showed that information disclosure reduces the asymmetry, which is touted as the main reason for underpricing, the present study did not find any association between risk disclosures and underpricing. Quantitative risk measures showed positive association with 1-year returns, but qualitative measures failed to show any association. The post issue risk of the firms showed positive association with external risk factors listed in prospectus and negative association with liquidity. The results of this study are useful for the investors as based on the results they can make decisions about investing in Indian IPOs. Besides, the managers of issuing companies and lead managers of issues can use the results of this study to improve the pricing of issues. To the best of the authors’ knowledge no study has been done before in the Indian context which is specific to risk disclosures (quantitative and qualitative measures) and IPO performance. The present study seeks to fill this gap and contribute to the existing literature.

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The authors declare that there are no conflicts of interest present.