Search or add a thesis

Advanced Search (Beta)
Home > Performance of Demutualized, Cross-Listed and Newly Listed Ipos: Evidences from Alternative Investment Market Aim

Performance of Demutualized, Cross-Listed and Newly Listed Ipos: Evidences from Alternative Investment Market Aim

Thesis Info

Access Option

External Link

Author

Wahid, Abdul

Supervisor

Shahzad Ahmad Khan

Program

PhD

Institute

Riphah International University

City

Islamabad

Province

Islamabad

Country

Pakistan

Thesis Completing Year

2019

Thesis Completion Status

Completed

Subject

Management Sciences

Language

English

Link

http://prr.hec.gov.pk/jspui/bitstream/123456789/11440/1/Abdul%20Wahid%20Management%20Sci%202019%20riphah.pdf

Added

2021-02-17 19:49:13

Modified

2024-03-24 20:25:49

ARI ID

1676724916941

Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

Join our Whatsapp Channel to get regular updates.

Similar


Generally, in most traditional markets one can observe a rapid escalation in the trading price of many IPOs on the first day. The closing price on the first day of trading is quite often much high then the offering price six hours earlier.It is a well established fact that initial public offerings of common stock (hereafter IPOs) are mostly underpriced, sometimes astronomically and subsequently underperformed in long-run period. There remains a question as to why this is such a common occurrence. However, virtually all the statistical studies draw their data from large highly liquid markets-traditional or main markets. To test these propositions, we selected various categories of IPOs i.e. local IPOs, cross-listed IPOs and demutualized firms’ offeringthat are listed on AIM during 2001 to 2017. Findings of the study depicts that on average, IPOs are underpriced by 2.48%, 2.62% and 2.16% on the first, fifteen and thirty day of trading respectively. We further identified that demutualized IPOs are less underpriced then local IPOs. In addition, cross-listed IPOs are more underpriced on the fifteenth and the thirtieth day of trading relative to local and demutualized IPOs. This study also reports that offer price is emerged as a robust determinant of short-run performance of unseasoned issues. In long-run price performance, it is found that investors in the AIM earn significant positive returns if the stock is hold for three years, and the price variation is dependent upon the firm size. As for as the spillover is concerned, the results show that only mean spillover effects from US and Australian market and volatility spillover effects from US, Canada, Australia and Irish market transmit to their respective cross-listed IPOs on an alternative markets. That finding implies that in short-run, a lower offer price leads to greater underpricing. In long-run, Investment in small firms seems more profitable compared to those of large firms in the AIM. These findings suggest that prospective investors can develop and diversify their portfolio in an alternative markets. The findings of the study have also a practical value for those investor who are especially interested in earning abnormal excess returns in an alternative market
Loading...
Loading...

Similar Books

Loading...

Similar Chapters

Loading...

Similar News

Loading...

Similar Articles

Loading...

Similar Article Headings

Loading...

جی ۔ عبدالرشید

جناب جی۔ عبدالرشید
میں ۱۹۸۸ء کے آخر میں پہلی مرتبہ مدراس گیا تھا، اس کی اطلاع اپنے کرم فرما اور دارالمصفین کے سابق رفیق افضل العلماء الحاج مولانا محمد یوسف کو کن عمری کو پہلے کردی تھی، ان کے پیر میں چوٹ آگئی تھی اور صاحب فراش تھے، اس لیے انہوں نے نیو کالج کے عربی کے لکچرر جناب جی۔عبدالرشید صاحب کو بھیجا کہ وہ اپنے ہمراہ مجھے ان کے دولت خانہ پر لے آئیں، گیا تو کوکن صاحب نے دوسرے روز کھانے پر بلایا۔ چنانچہ عبدالرشید صاحب کے ساتھ وہاں گیا، اب وہ میرے ساتھ سایہ کی طرح ہوگئے۔ اپنے یہاں کھانے پر بھی مدعو کیا، مدراس کے تمام قدیم و جدید تعلیمی اداروں، قابل دید مقامات اور ساحل سمندر کی سیر کرائی۔ معارف کے خود خریدار بنے اور مزید خریدار بنانے کا وعدہ کیا۔ مدراس اسٹیشن چھوڑنے آئے۔
عبدالرشید صاحب سے گاہے ماہے خط و کتابت رہتی تھی۔ ابھی نومبر میں دارالسلام عمر آباد جانے کا پروگرام بنا تو انہیں اور جناب عبیداﷲ صاحب کو خطوط لکھے کہ آپ لوگوں سے ملنے کا بڑا اشتیاق ہے، عبدالرشید صاحب نے جواباً تحریر فرمایا:
’’خوشی ہوئی کہ مدت دراز کے بعد آپ سے ملنے کا موقع مل رہا ہے آپ مدراس تشریف لائیں اور ملاقات نہ ہو؟ نیو کالج میں ہفتے میں دو دن دینیات کے کلاس منعقد ہوتے ہیں جس میں صوم و صلوٰۃ و اخلاقیات کے موضوع پر درس دیا جاتا ہے، اس سال اس کورس پر دو کتابیں انگریزی میں شائع ہوئی ہیں۔ کالج کی تعطیلات کے بعد دسمبر پہلی تاریخ کو کھل رہا ہے انشاء اﷲ ۲؍ تاریخ کی صبح ان کتابوں کی اجرا کے لیے ایک جلسہ صبح میں منعقد کیا گیاہے۔آپ کی شرکت اس جلسے میں ہمارے لیے باعث برکت ہوگی اور کتابوں کا اجرا آپ کریں باعث سعادت ہوگا‘‘۔
ان...

Untamed Subjectivity upon Blasphemy: Comparative Subjectivity of the National and International English and National Urdu Print Media upon Reporting a Blasphemy Case in Pakistan

Objectivity of news have always been a debate, even the trusted source of information, the newspapers are not ‘clean’ so to say. Contrary to the codes of neat journalism, news reports are often found reflecting ideological, economic, regional, religious and pre-determined viewpoints. In the current study the researcher has purposely picked the blasphemy case of Aasiya Bibi from year 2010 involving Salman Taseer (late), then the Governor of Punjab and Mumtaz Qadri (late) the member of elite police force who shot Mr. Taseer and was later hanged in 2016. The researcher analyzed level of subjectivity in the news stories and editorial of two international and three national newspapers, The Guardian, The New York Time and The Dawn, Daily Jang and the Daily Express respectively. Through the scientific method of analyzing the content it is observed that in such cases, even the pioneers of print medium and the self-proclaimed champions of the codes of journalism are found overwhelmingly subjective.

Correlation Between Toxoplasmosis and Some Endocrine Parameters for the Assessment of Immunopathogenic Mechanisms of Human Population

Present study deals with the correlation of Toxoplasma with some endocrine parameters for the assessment of immunopathogenic mechanism in human population selected from different localities of Lahore. Besides analysis of blood using ELISA for various parameters (anti-Toxo IgG and IgM, Insulin, TSH, T3, T4, FSH, LH, testosterone and estradiol) this multidisciplinary study involved the questionnaire survey of the area for the assessment of health status of the study respondents and risk factors regarding toxoplasmosis. Data was analyzed statistically by Chi-square test, ttest, ANOVA and correlation (p<0.05). Analysis of data revealed that seroprevalence of Toxoplasma infection was significantly related to various factors; socioeconomic status, pica habits, consumption of untreated water for drinking purpose and exposure to oocysts contaminated surfaces as feral cats have high abundance in the study areas. Toxoplasma gondii infection was highly prevalent among study subjects. It was found that chronic Toxoplasma infection was more prevalent (58.5%) among respondents then acute/recent cases (41.5%). Gender wise comparison showed that prevalence of infection was higher among male subjects (86%) in compared to the females (34%). Percentage prevalence of Toxoplasma had positive correlation with seropositivity among subjects of 36-44+ years of age. Toxoplasma infection was found to be correlated with different endocrine hormones. Higher insulin concentration was detected among seropositive subjects reflecting similar trend in both sexes. The deviation was significant among senior age groups. The concentration of TSH, T3 and T4 was detected to be higher than the reference value among 9%, 19% and 79% subjects respectively. In case of male seropositive subjects, LH was significantly higher (11.89±0.66mlU/ml) whereas testosterone was found to be lower (2.82±0.13ng/ml) than normal reference value. In general female Toxoplasma positive respondents were detected with variable ranges of FSH, LH and estradiol during various reproductive phases. These changes in various hormones reflect the possible role of toxoplasmosis leading to various metabolic disorders and reproductive problems. The results are depictive of the fact that lack of education and awareness, poor hygiene conditions and other risk factors greatly enhance the transmission of such parasites. The results of the study are significant and provide enough evidence regarding toxoplasmosis and its correlation with the changes in various hormones leading to health effects.