financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2026-30-2-241-252finance-4291Research ArticleФОНДОВЫЕ РЫНКИSTOCK MARKETSХарактеристики первичного публичного размещения акций и финансовые результаты: эмпирические данные по IPO в ИндииIPO Characteristics and Financial Outcomes: Empirical Evidence from Indian IPOshttps://orcid.org/0000-0002-8684-7864СониТ. К.SoniT. K.

Тарун К. Сони — магистр делового администрирования (финансы), доцент

Нью-Дели

Tarun K. Soni — FPM (Finance), Associate Prof.

New Delhi

tarun.soni@fsm.ac.inhttps://orcid.org/0000-0002-2850-8004СингхА.SinghA.

Амриндер Сингх — PhD, доцент (бухгалтерский учет и финансы)

Паонта Сахиб

Amrinder Singh — PhD, Assist. Prof. (Accounting & Finance)

Paonta Sahib

amrinder.singh@iimsirmaur.ac.inhttps://orcid.org/0000-0003-4581-1707СатапатиД. П.SatapathyD. P.

Деби Прасад Сатапати — ассистент. Профессор коммерции

Одиша

Debi Prasad Satapathy — Assist. Prof. of Commerce

Odisha

debiprasad@xim.edu.inШкола менеджмента FOREИндияFORE School of ManagementIndiaИндийский институт менеджмента СирмаурИндияIndian Institute of Management SirmaurIndiaШкола коммерции, Университет XIMИндияSchool of Commerce, XIM UniversityIndia202613042026302241252Copyright © Сони Т., Сингх А., Сатапати Д., 20262026Сони Т., Сингх А., Сатапати Д.Soni T., Singh A., Satapathy D.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/4291

Цель исследования — определить влияние факторов, характерных для конкретной компании, на краткосрочную и долгосрочную доходность первичных публичных размещений акций (IPO) в Индии. В исследовании исполь- зуется метод наименьших квадратов для изучения взаимосвязи между краткосрочной и долгосрочной доход- ностью IPO и характеристиками компаний. В рамках исследования были собраны данные по 328 IPO за 10 лет, чтобы выявить факторы, влияющие на долгосрочную и краткосрочную доходность IPO. Результаты исследова- ния подтверждают, что цена размещения, возраст и размер компании оказывают значительное положительное влияние на краткосрочную доходность IPO. Кроме того, время проведения IPO негативно сказывается на крат- косрочной доходности. Мы также обнаружили, что краткосрочная доходность с поправкой на рыночные факто- ры положительно влияет на долгосрочную доходность. Результаты этого исследования помогают лучше понять факторы, характерные для конкретной компании, которые могут быть использованы для прогнозирования IPO в Индии.

This study examines the effects of firm-specific factors on the short-run and long-run returns of Indian initial public offerings (IPOs). This research adopts the robust least-squares method to investigate the relationship between shortand long-term returns of IPOs and firm characteristics. This study examines hand-collected data for 328 IPOs over a period of 10 years to identify factors that influence the long-term and short-term performance of IPOs. The findings confirm that the issue price, age, and size have a significant and positive influence on the short-term performance of IPOs. Furthermore, the timing of IPOs has a negative impact on short-term performance. We also find evidence that short-term, market-adjusted excess returns have a positive effect on long-term returns. The findings of this study help to build an understanding of firm-specific factors that may be used to forecast IPO performance in the Indian context.

IPOзанижение ценыдоходностьИндияIPOUnder-pricingPerformanceIndiaМы искренне благодарим Школу менеджмента FORE, Нью-Дели, Университетом XIM, Бхубанешвар, 752050, Одиша, Индия, и Индийский институт менеджмента Сирмаур за инфраструктурную и финансовую поддержку. При подготовке этой рукописи использовались инструменты искусственного интеллекта (ИИ), в частности, ChatGPT (GPT‑5, OpenAI). Инструмент был усовершенствован за счет уточнения языка и повышения четкости текста. Авторы разработали все концептуальные идеи, провели анализ и интерпретацию данных. Авторы проверили весь контент, созданный с помощью искусственного интеллекта, на предмет точности, оригинальности и соответствия академической честности и этическим стандартам.We gratefully acknowledge the infrastructural and financial support provided by the FORE School of Management, New Delhi, XIM University, Bhubaneswar 752050, Odisha, India and the Indian Institute of Management Sirmaur for completing this study. Artificial intelligence (AI) tools, specifically ChatGPT (GPT‑5, OpenAI), were used to support the preparation of this manuscript. The tool was assisted by language refinement and improved text clarity. The authors developed all the conceptual ideas, analyses, and interpretations. The authors reviewed and verified all the AI-generated content to ensure its accuracy, originality, and alignment with academic integrit y and ethical standards.ReferencesArmstrong C., Foster G., Taylor D. Abnormal accruals in newly public companies: Opportunistic misreporting or economic activity? Management Science. 2016;62(5):1316-1338. DOI: 10.1287/mnsc.2015.2179Armstrong C., Foster G., Taylor D. Abnormal accruals in newly public companies: Opportunistic misreporting or economic activity? Management Science. 2016;62(5):1316-1338. DOI: 10.1287/mnsc.2015.2179Purayil P. V., Lukose P. J. Ownership dilution and earnings management: Evidence from Indian IPOs. Managerial Finance. 2020;46(3):344-359. DOI: 10.1108/MF-02-2019-0068Purayil P. V., Lukose P. J. Ownership dilution and earnings management: Evidence from Indian IPOs. Managerial Finance. 2020;46(3):344-359. DOI: 10.1108/MF-02-2019-0068Trabelsi S., Chalwati A. Poison pills adoption, real earnings management and IPO failure. China Accounting and Finance Review. 2023;25(4):513-539. DOI: 10.1108/CAFR-04-2023-0041Trabelsi S., Chalwati A. Poison pills adoption, real earnings management and IPO failure. China Accounting and Finance Review. 2023;25(4):513-539. DOI: 10.1108/CAFR-04-2023-0041Dong Y., Huang J. Price limits, investor sentiment and IPO underpricing: A quasi-natural experiment based on ChiNext. Emerging Markets Review. 2022;51B:100893. DOI: 10.1016/j.ememar.2022.100893Dong Y., Huang J. Price limits, investor sentiment and IPO underpricing: A quasi-natural experiment based on ChiNext. Emerging Markets Review. 2022;51B:100893. DOI: 10.1016/j.ememar.2022.100893Mazumder S., Saha P. COVID‑19: Fear of pandemic and short-term IPO performance. Finance Research Letters. 2021;43:101977. DOI: 10.1016/j.frl.2021.101977Mazumder S., Saha P. COVID‑19: Fear of pandemic and short-term IPO performance. Finance Research Letters. 2021;43:101977. DOI: 10.1016/j.frl.2021.101977Carter R., Manaster S. Initial public offerings and underwriter reputation. The Journal of Finance. 1990;45(4):1045-1067. DOI: 10.2307/2328714Carter R., Manaster S. Initial public offerings and underwriter reputation. The Journal of Finance. 1990;45(4):1045-1067. DOI: 10.2307/2328714Agarwal S., Vyas V. Corporate governance and its impact on long-term performance of Indian IPOs: An empirical investigation. International Journal of Business Excellence. 2022;27(4):571-593. DOI: 10.1504/IJBEX.2022.125108Agarwal S., Vyas V. Corporate governance and its impact on long-term performance of Indian IPOs: An empirical investigation. International Journal of Business Excellence. 2022;27(4):571-593. DOI: 10.1504/IJBEX.2022.125108Ahmad-Zaluki N. A., Badru B. O. Intended use of IPO proceeds and initial returns. Journal of Financial Reporting and Accounting. 2021;19(2):184-210. DOI: 10.1108/JFRA-12-2019-0172Ahmad-Zaluki N. A., Badru B. O. Intended use of IPO proceeds and initial returns. Journal of Financial Reporting and Accounting. 2021;19(2):184-210. DOI: 10.1108/JFRA-12-2019-0172Ritter J. R., Welch I. A review of IPO activity, pricing and allocations. The Journal of Finance. 2002;57(4):1795- 1828. DOI: 10.1111/1540-6261.00478Ritter J. R., Welch I. A review of IPO activity, pricing and allocations. The Journal of Finance. 2002;57(4):1795- 1828. DOI: 10.1111/1540-6261.00478Handa R., Singh B. Performance of Indian IPOs: An empirical analysis. Global Business Review. 2017;18(3):734- 749. DOI: 10.1177/0972150917692193Handa R., Singh B. Performance of Indian IPOs: An empirical analysis. Global Business Review. 2017;18(3):734- 749. DOI: 10.1177/0972150917692193Ljungqvist A. IPO underpricing. In: Eckbo B. E., ed. Handbook of empirical corporate finance. Amsterdam: Elsevier; 2007:375-422. DOI: 10.1016/B978-0-444-53265-7.50021-4Ljungqvist A. IPO underpricing. In: Eckbo B. E., ed. Handbook of empirical corporate finance. Amsterdam: Elsevier; 2007:375-422. DOI: 10.1016/B978-0-444-53265-7.50021-4Engelen P.-J., Van Essen M. Underpricing of IPOs: Firm-, issue- and country-specific characteristics. Journal of Banking & Finance. 2010;34(8):1958-1969. DOI: 10.1016/j.jbankfin.2010.01.002Engelen P.-J., Van Essen M. Underpricing of IPOs: Firm-, issue- and country-specific characteristics. Journal of Banking & Finance. 2010;34(8):1958-1969. DOI: 10.1016/j.jbankfin.2010.01.002Bansal R., Khanna A. Determinants of IPOs initial return: Extreme analysis of Indian market. Journal of Financial Risk Management. 2012;1(4):68-74. DOI: 10.4236/jfrm.2012.14012Bansal R., Khanna A. Determinants of IPOs initial return: Extreme analysis of Indian market. Journal of Financial Risk Management. 2012;1(4):68-74. DOI: 10.4236/jfrm.2012.14012Neneh B. N., Van Aardt Smit A. Underpricing of IPOs during hot and cold market periods on the South African Stock Exchange. International Journal of Economics and Management Engineering. 2013;7(7):112-119.Neneh B. N., Van Aardt Smit A. Underpricing of IPOs during hot and cold market periods on the South African Stock Exchange. International Journal of Economics and Management Engineering. 2013;7(7):112-119.Butler A. W., O’Keefe M.C., Kieschnick R. Robust determinants of IPO underpricing and their implications for IPO research. Journal of Corporate Finance. 2014;27:367-383. DOI: 10.1016/j.jcorpfin.2014.06.002Butler A. W., O’Keefe M.C., Kieschnick R. Robust determinants of IPO underpricing and their implications for IPO research. Journal of Corporate Finance. 2014;27:367-383. DOI: 10.1016/j.jcorpfin.2014.06.002Chhabra S., Kiran R. Impact of information on winners’ curse and long run performance of initial public offerings. International Journal of Finance & Economics. 2022;27(1):975-992. DOI: 10.1002/ijfe.2186Chhabra S., Kiran R. Impact of information on winners’ curse and long run performance of initial public offerings. International Journal of Finance & Economics. 2022;27(1):975-992. DOI: 10.1002/ijfe.2186Ichev R. IPO underpricing from the institutional investor perspective: Evidence from emerging markets. Economic Research — Ekonomska Istraživanja. 2023;36(1):2179506. DOI: 10.1080/1331677X.2023.2179506Ichev R. IPO underpricing from the institutional investor perspective: Evidence from emerging markets. Economic Research — Ekonomska Istraživanja. 2023;36(1):2179506. DOI: 10.1080/1331677X.2023.2179506Sakata S., White H. High breakdown point conditional dispersion estimation with application to S&P 500 daily returns volatility. Econometrica. 1998;66(3):529-567. DOI: 10.2307/2998574Sakata S., White H. High breakdown point conditional dispersion estimation with application to S&P 500 daily returns volatility. Econometrica. 1998;66(3):529-567. DOI: 10.2307/2998574Leland H. E., Pyle D. H. Informational asymmetries, financial structure and financial intermediation. The Journal of Finance. 1977;32(2):371-387. DOI: 10.2307/2326770Leland H. E., Pyle D. H. Informational asymmetries, financial structure and financial intermediation. The Journal of Finance. 1977;32(2):371-387. DOI: 10.2307/2326770Merikas A., Gounopoulos D., Nounis C. Global shipping IPOs performance. Maritime Policy & Management. 2009;36(6):481-505. DOI: 10.1080/03088830903346053Merikas A., Gounopoulos D., Nounis C. Global shipping IPOs performance. Maritime Policy & Management. 2009;36(6):481-505. DOI: 10.1080/03088830903346053Aggarwal P. Global value chains after COVID‑19: A thematic discussion and resilience-based framework. Abhigyan. 2023;41(1):50-62. DOI: 10.56401/Abhigyan_41.1.2023.50-62Aggarwal P. Global value chains after COVID‑19: A thematic discussion and resilience-based framework. Abhigyan. 2023;41(1):50-62. DOI: 10.56401/Abhigyan_41.1.2023.50-62Field L. C., Lowry M. Institutional versus individual investment in IPOs: The importance of firm fundamentals. Journal of Financial and Quantitative Analysis. 2009;44(3):489-516. DOI: 10.1017/S0022109009990032Field L. C., Lowry M. Institutional versus individual investment in IPOs: The importance of firm fundamentals. Journal of Financial and Quantitative Analysis. 2009;44(3):489-516. DOI: 10.1017/S0022109009990032Chatterjee M., Bhattacharjee T., Chakraborty B. Studies on Indian IPO: Systematic review and future research agenda. Qualitative Research in Financial Markets. 2024;16(3):477-502. DOI: 10.1108/QRFM-10-2021-0175Chatterjee M., Bhattacharjee T., Chakraborty B. Studies on Indian IPO: Systematic review and future research agenda. Qualitative Research in Financial Markets. 2024;16(3):477-502. DOI: 10.1108/QRFM-10-2021-0175Rani P. An empirical examination of firm characteristics and its impact on listing day return. International Journal of Finance and Accounting. 2014;3(5):277-285. DOI: 10.5923/j.ijfa.20140305.01Rani P. An empirical examination of firm characteristics and its impact on listing day return. International Journal of Finance and Accounting. 2014;3(5):277-285. DOI: 10.5923/j.ijfa.20140305.01Venkatesh S., Neupane S. Does ownership structure affect IPO underpricing: Evidence from Thai IPOs. Corporate Ownership & Control. 2006;3(2):106-115. DOI: 10.22495/cocv3i2p11Venkatesh S., Neupane S. Does ownership structure affect IPO underpricing: Evidence from Thai IPOs. Corporate Ownership & Control. 2006;3(2):106-115. DOI: 10.22495/cocv3i2p11Sur S. Theoretical review of growth of e-commerce in India and its relevance in future business sustainability. Abhigyan. 2018;36(3):41-50. DOI: 10.56401/Abhigyan_36.3.2018.41-50Sur S. Theoretical review of growth of e-commerce in India and its relevance in future business sustainability. Abhigyan. 2018;36(3):41-50. DOI: 10.56401/Abhigyan_36.3.2018.41-50Ritter J. R. The long-run performance of initial public offerings. The Journal of Finance. 1991;46(1):3-27. DOI: 10.1111/j.1540-6261.1991.tb03743.xRitter J. R. The long-run performance of initial public offerings. The Journal of Finance. 1991;46(1):3-27. DOI: 10.1111/j.1540-6261.1991.tb03743.xMichaely R., Shaw W. H. The pricing of initial public offerings: Tests of adverse-selection and signaling theories. The Review of Financial Studies. 1994;7(2):279-319. DOI: 10.1093/rfs/7.2.279Michaely R., Shaw W. H. The pricing of initial public offerings: Tests of adverse-selection and signaling theories. The Review of Financial Studies. 1994;7(2):279-319. DOI: 10.1093/rfs/7.2.279Sohail M. K., Rehman A. Determinants of underpricing of IPOs regarding financial and non-financial firms in Pakistan. European Journal of Economics, Finance and Administrative Sciences. 2009;(15):62-73. URL: https://www.researchgate.net/publication/237567195_Determinants_of_UnderPricing_of_IPOs_Regarding_ Financial_Non-Financial_ Firms_in_PakistanSohail M. K., Rehman A. Determinants of underpricing of IPOs regarding financial and non-financial firms in Pakistan. European Journal of Economics, Finance and Administrative Sciences. 2009;(15):62-73. URL: https://www.researchgate.net/publication/237567195_Determinants_of_UnderPricing_of_IPOs_Regarding_ Financial_Non-Financial_ Firms_in_PakistanIslam A., Ali R. An empirical investigation of the underpricing of initial public offerings in Chittagong Stock Exchange. International Journal of Economics and Finance. 2010;2(4):36-46. DOI: 10.5539/ijef.v2n4p36Islam A., Ali R. An empirical investigation of the underpricing of initial public offerings in Chittagong Stock Exchange. International Journal of Economics and Finance. 2010;2(4):36-46. DOI: 10.5539/ijef.v2n4p36Bansal R., Khanna A. Pricing mechanism and explaining underpricing of IPOs: Evidence from Bombay Stock Exchange, India. International Journal of Research in Finance and Marketing. 2012;2(2):205-216. URL: https://www.academia.edu/1828194/_PRICING_MECHANISM_AND_EXPLAINING_UNDERPRICING_OF_IPOS_EVIDENCE_FROM_BOMBAY_STOCK_EXCHANGE_INDIABansal R., Khanna A. Pricing mechanism and explaining underpricing of IPOs: Evidence from Bombay Stock Exchange, India. International Journal of Research in Finance and Marketing. 2012;2(2):205-216. URL: https://www.academia.edu/1828194/_PRICING_MECHANISM_AND_EXPLAINING_UNDERPRICING_OF_IPOS_EVIDENCE_FROM_BOMBAY_STOCK_EXCHANGE_INDIADeb S. S., Marisetty V. B. Information content of IPO grading. Journal of Banking & Finance. 2010;34(9):2294- 2305. DOI: 10.1016/j.jbankfin.2010.02.018Deb S. S., Marisetty V. B. Information content of IPO grading. Journal of Banking & Finance. 2010;34(9):2294- 2305. DOI: 10.1016/j.jbankfin.2010.02.018Lizińska J., Czapiewski L. Performance of Polish IPO firms: Size and profitability effect. Gospodarka Narodowa: The Polish Journal of Economics. 2014;269(1):53-71. DOI: 10.33119/GN/100877Lizińska J., Czapiewski L. Performance of Polish IPO firms: Size and profitability effect. Gospodarka Narodowa: The Polish Journal of Economics. 2014;269(1):53-71. DOI: 10.33119/GN/100877Bubna A., Prabhala N. Anchor investors in IPOs. Mumbai: National Stock Exchange; 2014. 45 p. URL: https://w4.stern.nyu.edu/finance/docs/WP/2014/AnchorIPOs_BubnaPrabhala.pdfBubna A., Prabhala N. Anchor investors in IPOs. Mumbai: National Stock Exchange; 2014. 45 p. URL: https://w4.stern.nyu.edu/finance/docs/WP/2014/AnchorIPOs_BubnaPrabhala.pdfSahoo S. Do anchor investors create value for initial public offerings? An empirical investigation. IIMB Management Review. 2017;29(4):259-275. DOI: 10.1016/j.iimb.2017.11.004Sahoo S. Do anchor investors create value for initial public offerings? An empirical investigation. IIMB Management Review. 2017;29(4):259-275. DOI: 10.1016/j.iimb.2017.11.004Wang Y., Wang G. IPO underpricing and long-term performance in China: The perspective of price limit policy. Managerial Finance. 2021;47(9):1233-1252. DOI: 10.1108/MF-08-2020-0428Wang Y., Wang G. IPO underpricing and long-term performance in China: The perspective of price limit policy. Managerial Finance. 2021;47(9):1233-1252. DOI: 10.1108/MF-08-2020-0428Sochi M. H., Islam R. What impacts IPO underpricing? Evidence from Dhaka Stock Exchange. International Journal of Business and Management. 2018;13(3):88-97. DOI:10.5539/ijbm.v13n3p88Sochi M. H., Islam R. What impacts IPO underpricing? Evidence from Dhaka Stock Exchange. International Journal of Business and Management. 2018;13(3):88-97. DOI:10.5539/ijbm.v13n3p88Kumar A., Sahoo S. Do anchor investors affect long run performance? Evidence from Indian IPO markets. Pacific Accounting Review. 2021;33(3):322-346. DOI: 10.1108/PAR-09-2020-0149Kumar A., Sahoo S. Do anchor investors affect long run performance? Evidence from Indian IPO markets. Pacific Accounting Review. 2021;33(3):322-346. DOI: 10.1108/PAR-09-2020-0149Mangala D., Dhanda M. Earnings management and listing day performance of IPOs in India. Journal of Accounting in Emerging Economies. 2022;12(5):812-839. DOI: 10.1108/JAEE-01-2021-0032Mangala D., Dhanda M. Earnings management and listing day performance of IPOs in India. Journal of Accounting in Emerging Economies. 2022;12(5):812-839. DOI: 10.1108/JAEE-01-2021-0032Ranganathan K., Saraogi A. What explains voluntary premarket underpricing and aftermarket mispricing in Indian IPOs? Journal of Behavioral and Experimental Finance. 2021;32:100565. DOI: 10.1016/j.jbef.2021.100565Ranganathan K., Saraogi A. What explains voluntary premarket underpricing and aftermarket mispricing in Indian IPOs? Journal of Behavioral and Experimental Finance. 2021;32:100565. DOI: 10.1016/j.jbef.2021.100565Mulchandani P., Pandey R., Debata B., Renganathan J. Investor attention and IPO returns: Evidence from Indian markets. Journal of Economic and Administrative Sciences. 2025;41(3):1002-1019. DOI: 10.1108/JEAS-03-2022-0075Mulchandani P., Pandey R., Debata B., Renganathan J. Investor attention and IPO returns: Evidence from Indian markets. Journal of Economic and Administrative Sciences. 2025;41(3):1002-1019. DOI: 10.1108/JEAS-03-2022-0075Priyesh V. P., Jijo L. P. Do retail and institutional investors react differently to earnings management? Evidence from Indian IPOs. Journal of Applied Accounting Research. 2024;25(3):732-747. DOI: 10.1108/JAAR-10-2022-0281Priyesh V. P., Jijo L. P. Do retail and institutional investors react differently to earnings management? Evidence from Indian IPOs. Journal of Applied Accounting Research. 2024;25(3):732-747. DOI: 10.1108/JAAR-10-2022-0281Arora N., Singh B. Do female directors signal Indian SME IPOs quality? Evidence from a quantile regression approach. Global Business Review. 2023;24(1):185-205. DOI: 10.1177/0972150920911806Arora N., Singh B. Do female directors signal Indian SME IPOs quality? Evidence from a quantile regression approach. Global Business Review. 2023;24(1):185-205. DOI: 10.1177/0972150920911806Knez P. J., Ready M. J. On the robustness of size and book-to-market in cross-sectional regressions. The Journal of Finance. 1997;52(4):1355-1382. DOI: 10.2307/2329439Knez P. J., Ready M. J. On the robustness of size and book-to-market in cross-sectional regressions. The Journal of Finance. 1997;52(4):1355-1382. DOI: 10.2307/2329439Sahoo S., Rajib P. After market pricing performance of Initial Public Offerings (IPOs): Indian IPO market 2002-2006. Vikalpa. 2010;35(4):27-44. DOI: 10.1177/0256090920100403Sahoo S., Rajib P. After market pricing performance of Initial Public Offerings (IPOs): Indian IPO market 2002-2006. Vikalpa. 2010;35(4):27-44. DOI: 10.1177/0256090920100403Mumtaz M. Z., Smith Z. A. The aftermarket performance of initial public offerings in Pakistan. Lahore Journal of Economics. 2016;21(1):23-68. DOI: 10.35536/lje.2016.v21.i1.a2Mumtaz M. Z., Smith Z. A. The aftermarket performance of initial public offerings in Pakistan. Lahore Journal of Economics. 2016;21(1):23-68. DOI: 10.35536/lje.2016.v21.i1.a2Sehgal S., Singh B. Determinants of initial and long-run performance of IPOs in Indian Stock Market. Asia Pacific Business Review. 2008;4(4):24-37. DOI: 10.1177/097324700800400403Sehgal S., Singh B. Determinants of initial and long-run performance of IPOs in Indian Stock Market. Asia Pacific Business Review. 2008;4(4):24-37. DOI: 10.1177/097324700800400403Chhabra S., Kiran R., Sah A. N. Information asymmetry leads to underpricing: Malidation through SEM for Indian IPOs. Program. 2017;51(2):116-131. DOI: 10.1108/PROG-01-2016-0009Chhabra S., Kiran R., Sah A. N. Information asymmetry leads to underpricing: Malidation through SEM for Indian IPOs. Program. 2017;51(2):116-131. DOI: 10.1108/PROG-01-2016-0009Mahmood F., Xia X., Ali M., Usman M., Shahid H. How Asian and global economic crises prevail in Chinese IPO and stock market efficiency. International Business Research. 2011;4(2):226-237. DOI: 10.5539/ibr.v4n2p226Mahmood F., Xia X., Ali M., Usman M., Shahid H. How Asian and global economic crises prevail in Chinese IPO and stock market efficiency. International Business Research. 2011;4(2):226-237. DOI: 10.5539/ibr.v4n2p226Gupta K., Raman T. V., Deol O.S, Gupta K. Impact of risk disclosures on IPO performance: Evidence from India. Finance: Theory and Practice. 2021;25(6):128-144. DOI: 10.26794/2587-5671-2020-25-6-128-144Gupta K., Raman T. V., Deol O.S, Gupta K. Impact of risk disclosures on IPO performance: Evidence from India. Finance: Theory and Practice. 2021;25(6):128-144. DOI: 10.26794/2587-5671-2020-25-6-128-144Rossovski J., Lucey B. M., Helbing P. Determinants of IPO overpricing. British Journal of Management. 2025;36(1):383-399. DOI: 10.1111/1467-8551.12858Rossovski J., Lucey B. M., Helbing P. Determinants of IPO overpricing. British Journal of Management. 2025;36(1):383-399. DOI: 10.1111/1467-8551.12858Nikulin E. D., Sviridov A. A. Earnings management by Russian companies at the initial public offering. Finance: Theory and Practice. 2019;23(1):147-164. DOI: 10.26794/2587-5671-2019-23-1-147-164Nikulin E. D., Sviridov A. A. Earnings management by Russian companies at the initial public offering. Finance: Theory and Practice. 2019;23(1):147-164. DOI: 10.26794/2587-5671-2019-23-1-147-164

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