IPO Initial Public Offering Research Papers (original) (raw)

This case takes place in late 2012 and examines Andrew Mason, the co-founder of Groupon, Inc. and his journey to build his company. Mason was just reelected by the Board of Directors to remain as CEO of the company despite the stock price being down approximately 80% from its IPO in 2011. Groupon was once the fastest growing company ever. Now, Mason he had to figure out how to turn the company around.

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- Entrepreneurship, Entrepreneur, Groupon, IPO Initial Public Offering

This study tries to develop a pattern for identifying effectual factors that influence underpricing the initial share offering of companies to the public. In this study, after selecting the appropriate explanatory variables, to achieve the research goal, the systematic elimination sampling method is considered to select 84 companies among all listed companies at the Tehran Stock Exchange (TSE) and 54 companies among all listed companies at Over the Counter (OTC) from 2003 to 2017. So, to test research hypotheses, the Partial Least Square approach in three sections is used: measurement model fit, structural model fit, and goodness of fit. Results show that information asymmetry, corporate governance, conservatism, audit quality, financial ratios, Continuity of activity, environmental uncertainty, and management overconfidence have a significant effect on underpricing of initial public offerings. Moreover, the findings confirm that the investor's sentiment and Macroeconomic variables have no significant impact on underpricing phenomenon.

The stock market is one of the alternatives chosen by companies to meet their funding needs. The first offering of a company's shares through the stock market to investors is called an Initial Public Offering. At the time of initial public offering, underpricing often occurs when the initial stock price on the primary market is lower than the stock price on the secondary market which will disadvantage the company because the collected funds are not maximum. This research aims to analyze the effect of macroeconomic factors on underpricing in companies conducting IPOs listed on the

- by Ali Mutasowifin
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- Finance, Economics, Macroeconomics, Stock Market

This paper empirically considers the role of preplanned exits (the investor's initial strategy to sell the investee firm via an acquisition or an initial public offering (IPO) at the time of initial contract with the entrepreneur), legal conditions and investor versus investee bargaining power in the allocation of cash flow and control rights in entrepreneurial finance. We introduce a sample of 223 entrepreneurial investee firms financed by 35 venture capital funds in 11 continental European countries, and these data indicate the following. First, preplanned acquisition exits are associated with stronger investor veto and control rights, a greater probability that convertible securities will be used, and a lower probability that common equity will be used; the converse is observed for preplanned IPOs. Second, investors take fewer control and veto rights and use common equity in countries of German legal origin, relative to Socialist, Scandinavian, and French legal origin. Third, more experienced entrepreneurs are more likely to get financed with common equity and less likely to be financed with convertible preferred equity, while more experienced investors are more likely to use convertible preferred equity and less likely to use common equity.

- by Sofia Johan
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- Entrepreneurship, Economics, Governance, Contract Theory

the scope of this work is to analyze the current economic and legal framework in which SPACs operate. Therefore, on the one hand, the historical evolution of this peculiar financial tool will be presented. On the other, the legal framework will be described through a comparative approach. The results will show how many advantages SPACs are provided with, as well as dangers and concerns. Moreover, this work will describe how all modern SPACs are shaped on the 1990 SEC Rule 419. Eventually, this work argues that SPACs need more clarification by technical bodies and academic debate, given the fact that they could boost economic growth.

- by Edoardo Formelli
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- Finance, Capital Markets, Corporate Finance, Financial Regulation

This paper examines the performance of cryptocurrencies issued in initial coin offerings (ICOs) over a three-year period after the initial exchange listing. Average (median) ICO underpricing amounts to 15% (3%), even though 4 out of 10 ICOs destroy value on the first trading day. Liquidity, market capitalization, and high-low price ratios predict returns. Long-run buy-and-hold returns are positive for the mean and negative for the median. For holding periods between one and twenty-four months, the median ICO depreciates by 30%. Evidently, there is substantial positive skewness in the cryptocurrency market. Further, a size effect emerges from the data as an empirical regularity: Large ICOs are more often overpriced and underperform in the long run. JEL classification: G24, G32, K22, L26.

- by Paul Momtaz
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- Asset Pricing, Corporate Finance, Alternative Investments, Initial public offering
- by Md. Shalehin
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- IPO Initial Public Offering
- by Saul Costa
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- Finance, Corporate Finance, IPO Initial Public Offering

A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. Also known as "blank check companies," SPACs have been around for decades. In recent years, they've become more popular, attracting big-name underwriters and investors and raising a record amount of IPO money in 2019. In 2020, as of the beginning of August, more than 50 SPACs have been formed in the U.S. which have raised some $21.5 billion (Investopedia).

- by FILIPPO CAMINATI
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- Finance, Economics, Corporate Finance, Alternative Investments
- by Alvaro Munoz
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- Business, Finance, Economics, Financial Economics

Regolamento europeo sugli abusi di mercato, dialoghi selettivi, rapporti con gli azionisti.

- by Srinivasan Kannan
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- IPO Initial Public Offering

- by Paul Momtaz
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- Asset Pricing, Corporate Finance, Alternative Investments, Initial public offering
- by Rifat Dzakarian
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- IPO Initial Public Offering

India as a developing country is becoming economically more powerful and requires huge capital for various developmental activities. In order
to boost the investment among individual investors, it is necessary to study the investment behaviour of individuals and identify the factors that motivate them to invest, so that idle savings can be channelised into
investment. Investment decisions are influenced by many reasons. It is a tolerable fact that the financiers are the central position in the financial market. Behaviour of investors is not fixed. It changes from position to
position and from security to security. Hence, it is necessary to identify the factors which influence the investment decisions. In order to increase investment and formulate appropriate theories and policies, it is necessary to understand how individuals invest in the securities and other financial options available.

Using a sample of European venture capital investments, I study the relation between venture capital (VC) contracts and exits. The data indicate that ex ante, stronger VC control rights increase the likelihood that an entrepreneurial firm will exit by an acquisition, rather than through a write-off or an IPO. My findings are robust to controls for a variety of factors, including endogeneity and cases in which the VC preplans the exit at the time of time of contract choice. My findings are consistent with control-based theories of financial contracting, such as Aghion and Bolton (1992).

- by Douglas Cumming
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- Entrepreneurship, Finance, Financial Economics, Corporate Governance
- by siti zulaikho
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- IPO Initial Public Offering
- by Nurul Hikmah
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- IPO Initial Public Offering, Return Saham, Perbankan Syariah, Transaksi Keuangan
- by Tri Kurniawati Kurniawati
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- IPO Initial Public Offering

Prospetto relativo all’Offerta Pubblica di Vendita e Sottoscrizione e all’ammissione a quotazione sul Mercato Telematico Azionario - Segmento STAR, organizzato e gestito da Borsa Italiana S.p.A. di azioni ordinarie di Massimo Zanetti... more

Prospetto relativo all’Offerta Pubblica di Vendita e Sottoscrizione e all’ammissione a quotazione
sul Mercato Telematico Azionario - Segmento STAR,
organizzato e gestito da Borsa Italiana S.p.A.
di azioni ordinarie di Massimo Zanetti Beverage Group S.p.A.

- by Srinivasan Kannan
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- IPO Initial Public Offering

An exit strategy is a contingency plan that is executed by an investor, trader, venture capitalist or business owner to liquidate a position in a financial asset or dispose of tangible business assets once certain predetermined criteria for either has been met or exceeded. An exit strategy may be executed for the purpose of exiting a non-performing investment or closing a business that is not generating profits. In this case, the purpose of the exit strategy is to limit losses. An exit strategy may also be executed when an investment or business venture has met its profit objective. Other reasons for executing an exit strategy may include a significant change in market conditions due to a catastrophic event; legal reasons, such as estate planning, liability lawsuits or a divorce; or for the simple reason that a business owner/investor is retiring and wants to cash out. (investopedia)

- by Allen Adam Rinaldy Gudono
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- Business, Mergers & Acquisitions, Venture Capital, Investment
- by Joji Chandran
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- IPO Initial Public Offering

ABSTRACT
When going public, firms are faced with the difficult decision of how to determine the offer price for their shares. This continues to be a considerable practical and theoretical importance for investors and academicians. However, despite considerable research efforts, IPO valuations are still largely mysterious. First day returns of IPOs tend to be high indicating that there is a downward bias in the offer price compared with the first day price of the shares in the secondary trading market. A large number of IPOs do therefore appear to be under priced. It is well known that initial public offers face numerous challenges in the process of price discovery. This is because the market is usually not certain about the quality of the company while the issuing company does not know the market demand of its shares. This desktop research report seeks to fill this research gap by looking at firm specific determinants affecting IPO under pricing.
This review indentified various factors among them the role of an underwriter, market timing ,net earnings,information asymmetry etc.All the factors play significant role in determining the degree of underpricing.Large number of firm specific factors helps in communicating different information having its implications on the degree of information asymmetry related to the issue and the firm itself. As a result, pricing of initial public offering also gets influenced by these factors
The future research can be focused on modeling the regulatory environment within a given economy with various constraints and linking its relative impact on the degree of underpricing. In addition, the question still remain unaddressed in analyzing the optimal point of going public during different phases of organizational life cycle of a firm operating in a particular industry, contract between the issuer and the underwriter. We conclude this review by agreeing to the fact that IPO underpricing is a complex phenomenon to explain with the help of single generalized theory.

- by Sylvester Ndeto Mulwa
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- IPO Initial Public Offering

This paper examines the market for initial coin offerings (ICOs). ICOs are smart contracts based on blockchain technology that are designed for entrepreneurs to raise external finance by issuing tokens without an intermediary. Unlike existing mechanisms for early-stage finance, tokens potentially provide investors with rapid exit opportunities thanks to liquid trading platforms. The marketability of tokens offers novel insights into entrepreneurial finance, which I explore in this paper. First, I document that investors earn on average 8.2% on the first day of trading. However, about 40% of all ICOs destroy investor value on the first day of trading. Second, I explore the determinants of market outcomes and find that management quality and the ICO profile are positively correlated with the funding amount and returns, whereas highly visionary projects have a negative effect. Among the 21% of all tokens that get delisted from a major exchange platform, highly visionary projects are more likely to fail, which investors anticipate. Third, I explore the sensitivity of the ICO market to adverse industry events such as China's ban of ICOs, the hack of leading ledgers, and the marketing ban on FaceBook. I find that the ICO market is highly susceptible to such environmental shocks, resulting in substantial welfare losses for investors.

This work analyzes the corporate governance practices of Brazilian companies, as well as the Brazilian doctrine regarding topics such as conflicts of interest between controlling and minority shareholders; transparency and management.
Therefore, this research presents issues applied to Brazilian companies combining them into three major themes: (1) structural aspects; (2) alignment of interests; and (3) monitoring aspects (encompassing accounting practices).
In order to address these topics, this empirical research was aimed at mapping the corporate governance practices adopted by all the companies that made their initial public offering between January 2007 and December 2011.
In addition, it assesses the evolution of some corporaate governance practices during the period and verify a relationship between these developments and external influences, such as regulations issued by the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários). /
Esta obra analisa as práticas de governança das companhias brasileiras, bem como o posicionamento da doutrina brasileira no que diz respeito a temas como: conflitos de interesses entre controladores e minoritários; mecanismos de transparência e fiscalização da gestão das companhias.
Para tanto, esta pesquisa apresenta diversas questões de governança aplicadas às companhias brasileiras e as reúne em três grandes temas: (1) aspectos estruturais das companhias brasileiras; (2) aspectos de alinhamento de interesses; e (3) aspectos de fiscalização, englobando as práticas contábeis adotadas. A fim de contemplar esses tópicos e abordar tema de crescente relevância no cenário nacional, esta pesquisa teve como objetivo empírico mapear as práticas de governança corporativa adotadas por todas as companhias que realizaram oferta pública inicial de ações no período compreendido entre janeiro de 2007 e dezembro de 2011.
Além do mapeamento das práticas pelas companhias analisadas, pode-se aferir a evolução de algumas práticas durante o período analisado e verificar uma relação entre essa evolução e influências externas, tais como normativos emitidos pelo regulador - a Comissão de Valores Mobiliários (CVM).

- by Mario Engler Pinto Junior and +1
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- Corporate Governance, IPO Initial Public Offering, Governança Corporativa, Brazilian companies
- by Charles Yeboah
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- Finance, India, Developing Country, Asymmetric Information

Alejandro Cremades was a cofounder of Onevest, one of the largest online communities of entrepreneurs. When it was acquired, it had half-a-million entrepreneurs from over 200 countries on the platform. He is now a founding partner at Panthera Advisors, a premier investment banking and financial consulting firm with offices in New York and California. The firm focuses on small to medium size companies that are looking for M&A advisory services as well as support with fundraising efforts. Alejandro also hosts of the popular DealMakers Podcast where he interviews founders who have had multi-billion dollar exits. Earlier in his career, Alejandro was an attorney at King & Spalding where he was involved in a $113 billion investment arbitration case-one of the largest in history. TechCrunch featured Alejandro as one of the expats that is shaping New York's tech space. He has been involved with the JOBS Act since its inception and he has consulted to the White House and the US House of Representatives on new regulatory changes. Alejandro guest lectures at NYU Stern School of Business and The Wharton Business School at UPenn. He has been included in the Top 30-Under-30 lists of Vanity Fair, GQ, and Entrepreneur Magazine. He is a Forbes contributor as well as the author of the bestselling book The Art of Startup Fundraising, published by John Wiley & Sons and includes a foreword by Barbara Corcoran.

- by Chris Stout
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- Business, Mergers & Acquisitions, Mergers and acquisitions (Business), Investing

This study was conducted to analyze the short and long run price performance of IPOs in Bangladesh. Based on a sample of 163 IPOs that were issued during the period between 1992 and 2006, this study documents short run out-performance and long run underperformance of IPOs in the secondary market. The short run out-performance of IPOs peaks in the first month of trading in the secondary market. In the long run IPOs under perform the industry and the market in general. But the underperformance to industry is much severe than underperformance to market. Further analyses reveal that the long run underperformance is much higher for IPOs issued in few years, particularly the hot issue periods. IPOs belonging to Leather, Engineering, Paper, Ceramic and Food industries underperform their respective industry and the market severely in the long run. On the other hand, IPOs belonging to Banking and Non-bank Financial Institutions industries outperformed the industry and the market significantly.

- by Mohammad Sadiqul Islam
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- IPO Initial Public Offering

Venture capital exit vehicles enable, to different degrees, mitigation of informational asymmetries and agency costs between the entrepreneurial venture and the new owners of the firm. Different exit vehicles also affect the amount of new capital for the entrepreneurial firm. Based on these factors, we conjecture the efficient pattern of exits depending on the quality of the entrepreneurial venture, the nature of its assets, and the duration of venture capital investment. We empirically assess the significance of these factors using a multinomial logit model. Our comparative results between Canada and the U.S. provide insight into the impact of different institutional and legal constraints, and suggest such constraints have distorted the efficient pattern of exits in Canada.

- by Douglas Cumming
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- Law and Economics, Venture Capital, Law and Finance, Initial public offering

Empirical analyses of IPO initial returns are heavily dependent on linear regression models. However, these models can be inefficient due to its sensitivity to outliers which are common in IPO data. In this study, the machine learning method random forest is introduced to deal with the issues the linear regression cannot solve. The random forest is used to predict initial returns of IPOs issued on Borsa Istanbul. The prediction accuracy of the random forest is then tested against methods of robust regression. The prediction results show that random forest has by far outperformed other methods in every category of the comparison. The variable importance measure shows that the IPO proceeds and IPO volume are the most important predictors of IPO initial returns. The results also show that the variables that act as potential proxies for ex-ante uncertainty are more important than variables that are proxies for information asymmetry.

In the digital world, where all the services are virtually available, the Indian primary markets (IPO/FPO) also offers services to the investors online. Applications Supported by Blocked Amount (ASBA) is an online process developed by the India's Stock Market Regulator SEBI for applying to IPO. ASBA process facilitates retail individual investors bidding at a cutoff , with a single option, to apply through Self Certified Syndicate Banks (SCSBs), in which the investors have bank accounts. ASBA is one of the forms of online shopping. As attitude towards any online shopping depends on several factors, the present study identified such factors as Security, Liquidity, Convenience, Ease of use and Information are identified as essential factors to form attitude towards ASBA. The study applies the multiple linear regressions by assuming a linear relationship among the factors and Attitude towards ASBA. The results indicate that Indian IPO investors consider Convenience, Liquidity and Security as important factors in the same sequence. The study helps the authorities from Banking community, stock exchanges, and Security Exchange Board of India (SEBI) and IPO/FPO facilitators such as Merchant Bankers, Underwriters, Lead Managers, IPO Distributors and Investment Bankers etc. to design the strategy for the same.

- by Hiren Patel and +1
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- IPO Initial Public Offering

In 2012, Asia cell was recognized by the French market research company Altai and it was the largest limited
liability company in Iraq before its IPO. As a reflection of its well established reputation for quality, reliability
and service. Asia cell accomplished nationwide network coverage by end of 2009 and continues to seek to be the
individual and business first choice for mobile telecommunications in Iraq. Asia cell benefits strong support of
its founder, Mr. Faruk Rasool, also its main and biggest shareholder Qatar Telecom that has enormous experience
in successfully running and advancing mobile telecommunications providers across the MENA region and
South-East Asia. Therefore, Asia cell’s covered a network 97% of Iraq’s population of 34 million people at 30
September 2012.The results shows that there is decline in the company’s performance measured by ROA, ROE,
EBITDA, EBITDA margin, and net profit in four different times period (one week, one month, three month, and
one year) from listing on Iraqi stock exchange. While, Asia cell’s Revenue increase in all times period.
Additionally, Asia cell share price increase in the first week of IPO to across 25 Iraqi Dinars, but later face a
severe fluctuations that lead to a decline to less than 20 Iraqi Dinars per share as shown in the Appendices (1-16).
Its customers also increase from 9 Million customers, 10.1 Million customers and 10.7 Million customers in
years 2011, 2012, and 2013 respectively. The successful IPO of Asia cell in 3 February 2013 was regarded as one
of the two unprecedented developments potential may help lead remarkable foreign capital inflows into
Kurdistan region and Iraq.

- by Shivan A.M. Doski
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- IPO Initial Public Offering

This paper considers the issue of when venture capitalists (VCs) make a partial, as opposed to a full exit, for the full range of exit vehicles. A full exit for an IPO involves a sale of all of the venture capitalist's holdings within one year of the IPO; a partial exit involves sale of only part of the venture capitalist's holdings within that period. A full acquisition exit involves the sale of the entire firm for cash; in a partial acquisition exit, the venture capitalist receives (often illiquid) shares in the acquiror firm instead of cash. In the case of a buyback exit (in which the entrepreneur buys out the venture capitalist) or a secondary sale, a partial exit entails a sale of only part of the venture capitalist's holdings. A partial write-off involves a write down of the investment. We consider the determinants of full and partial venture capital exits for all five exit vehicles. We also perform a number of comparative empirical tests on samples of full and partial exits derived from a survey of Canadian and U.S. venture capital firms. The data offer support to the central hypothesis of the paper: that the greater the degree of information asymmetry between the selling VC and the buyer, the greater the likelihood of a partial exit to signal quality. The data also indicate differences between the U.S. and Canadian venture capital industries, and highlight the impact of legal and institutional factors on exits across countries.

- by Douglas Cumming
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- Entrepreneurship, Finance, Banking, Law and Economics
- by chaoping lv
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- IPO Initial Public Offering

This study analyses the performance of 258 UK IPOs during a period of five years, 2006-2010, and the effect of the subprime mortgage crisis in stock price on performance on the long run. All companies included in the sample are offering common stock shares in the London Stock Exchange. The analysis is undertaken using the buy and hold methodology, significantly used in existing empirical evidence. The capital price asset model has been used to assess result’s validity, whilst parameters stability over the entire sample has been verified through a Chow Test. Results have shown that companies underperformed the market in the long-run (36 months) by -11.71% prior to the financial event and -33.60% in the financial crisis aftermath.

Manuscript Type: EmpiricalResearch Question/Issue: This study examines the relevance of currently accepted best practice recommendations regarding board structure on the survival likelihood of new economy initial public offering companies. We argue that industry context determines governance outcomes.Research Findings/Insights: We study 125 Australian new economy firms listed between 1994 and 2002. Each firm is tracked until the end of 2007 for monitoring their survival. We find that board independence is associated with an increase in the likelihood of corporate survival. We also find that the benefits of board independence increase at a decreasing rate.Theoretical/Academic Implications: The standard best practice recommendation of board independence stems from the monitoring role of directors and is based on agency theory. The results from our study suggest that the recommendation regarding board independence does not work well for new economy firms. While the agency theory based model implies a monotonic relation between board independence and performance, our research suggests that the relationship is nonlinear. This variation occurs because of increased monitoring costs faced by outsiders due to higher information asymmetry and complexity of new economy firms. Our empirical results suggest that inside directors play a complementary role to outsiders in mitigating firm failure.Practitioner/Policy Implications: Our research offers insights to policy makers who are interested in setting best practice standards regarding board structure. Our research suggests that firm/industry characteristics play a crucial role in determining the optimal board structure. In firms/industries where outsiders face significantly higher information processing costs, insiders can play a valuable complementary role to outsiders in enhancing the effectiveness of the board. Thus future hard or soft regulations related to board structure should consider industry context.

- by Gary Tian
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- Structure, Corporate Governance, Agency Theory, Survival Analysis

Prior studies of IPO underpricing, mostly using agency theory and single-country samples, have generally fallen short. In this study, we employ the knowledge-based view (KBV) to explore underpricing across 17 countries. We find that agency indicators are insignificant predictors, board of director knowledge limits underpricing, and external knowledge both substitutes for and complements internal board knowledge. This third finding suggests that future KBV studies should consider how internal and external knowledge states interact with each other. Our study offers new insights into the antecedents of underpricing and extends our understanding of comparative governance and the KBV of the firm.

Positive trends in Initial Public Offerings (IPOs) are indicative of the economy's performance and health of the financial markets. The objective of this research is to study and analyze the IPO trends in Saudi Arabia. Both qualitative and quantitative methods were used for data collection including interviews & survey. Five structured interviews were conducted with Finance professional (with indirect or direct exposure) of Saudi Arabian capital market. It was revealed that the economic factors and the market sentiment play the most crucial role in the performance of IPOs. Furthermore, the information asymmetry and impact of market policies managed by Capital Market Authority significantly affect the IPOs performance. Survey results of 41 respondents revealed that underwriting reputation is the key IPO success and IPO price is the main decisionmaking factor. Also it was found that investors felt manipulation in IPO process. Regression analysis showed the economic factors and market conduciveness has positive impact on the investor sentiments. Real Estate Investment Trusts (REITS) sector was further analyzed to understand the impact of IPO underpricing and pre and post IPO performance of REITs on Tadawul. The data results have shown that the price change has been positive on the first day of the IPO listing for all the companies as opposed to the price change after 1 month, where some REITs have had a negative return also. On the ratios as well, majority of the companies have shown improvement in post IPO in the REITs sector.

- by IJEFMS An Open Access Journal
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- Saudi Arabia, IPO Initial Public Offering

The present study attempts to examine the relationship between the presence of foreign directors on the board of the newly listing companies and Initial Public Offerings (IPOs) on listing day returns. Sample of 367 IPOs issued in India from 2004 to 2014 are examined and the average initial excess return which measures IPO underpricing is found to be 21 percent. Taking lead from existing literature on IPO underpricing, various board related, issue related and company related variables are examined and a significant relationship of issue size, level of subscription, and professional associations of the directors with the initial day returns is observed in this study. Furthermore, it is found that only 28% of the sample companies have foreign directors present on their board at the time of IPO. The findings imply that the presence of the foreign directors on board does not curtail IPO underpricing.

- by Publishing India Group
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- IPO Initial Public Offering

The current Evolved Packet Core (EPC) 4th generation (4G) mobile network architecture features complicated control plane protocols and requires expensive equipment. Data delivery in the mobile packet core is performed based on a centralized mobility anchor between eNode B (eNB) elements and the network gateways. The mobility anchor is performed based on General Packet Radio Service tunnelling protocol (GTP), which has numerous drawbacks, including high tunnelling overhead and suboptimal routing between mobile devices on the same network. To address these challenges, here we describe new mobile core architecture for future mobile networks. The proposed scheme is based on IP encapsulated within IP (IP-in-IP) for mobility management and data delivery. In this scheme, the core network functions via layer 3 switching (L3S), and data delivery is implemented based on IP-in-IP routing, thus eliminating the GTP tunnelling protocol. For handover between eNB elements located near to one another, we propose the creation of a tunnel that maintains data delivery to mobile devices until the new eNB element updates the route with the gateway, which prevents data packet loss during handover. For this, we propose Generic Routing Encapsulation (GRE) tunnelling protocol. We describe the results of numerical analyses and simulation results showing that the proposed network core architecture provides superior performance compared with the current 4G architecture in terms of handover delay, tunnelling overhead and total transmission delay.

In this paper, I investigate the effect of IPO underpricing on Indian markets, both primary and secondary. I also look at the relationship between primary and secondary market returns, and check for a relationship between the two. The results show that Indian primary markets show the same trend as markets across the globe, that is, the returns are high in value. However, the secondary markets in India have returns comparatively lesser, especially in recent years. The secondary market returns move with the primary market returns. However, a clear relationship was not observed between the two. A total of 315 companies have been investigated in the period 2005-2014, and these companies were listed under the National Stock Exchange.

- by Naitik Jain
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- Finance, Financial Markets, Indian Capital Markets, IPO Initial Public Offering
- by KURNIAWAN TJAKRAWALA
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- Capital Markets, IPO Initial Public Offering