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دانلود رایکان مقاله انگلیسی ISI با موضوع ثبت دفتری شفاف، تصدیق و عرضه عمومی اولیه

عنوان فارسی مقاله:

ثبت دفتری شفاف، تصدیق و عرضه عمومی اولیه

عنوان انگلیسی مقاله:

Transparent bookbuilding, certification and initial public offerings

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3. Testable hypotheses

Given the unique nature of the Indian regulatory setup, in which many regulations have been imposed to protect the interests of the retail investors with low levels of financial literacy (Deb and Marisetty, 2010), we first test the validity of documented certification mechanisms, namely underwriter0 s reputation and VC affiliation, in terms of their relationships with underpricing.14 We then test our hypotheses on two new mechanisms: IPO grading and the transparency of the bookbuilding process. We examine the hypothesis that the reputation of the sponsor acts as a certification mechanism and affects IPO underpricing. Carter and Manaster (1990) and Carter, Dark, and Singh (1998) demonstrate that more-reputable investment banks associate themselves with low-risk offerings with low levels of underpricing. However, Loughran and Ritter (2004) find that, during the dotcom bubble, the prestige of the underwriter went hand-in-hand with leaving more money on the table. IPOs with highly reputable underwriters were relatively more underpriced. Given the contradictory evidence on the relationship between underwriter0 s reputation and underpricing, our prediction of the relationship between the two is ambiguous.