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dc.contributor.authorNeupane, Suman
dc.contributor.authorNeupane, Biwesh
dc.contributor.authorPaudyal, Krishna
dc.contributor.authorThapa, Chandra
dc.date.accessioned2019-03-14T23:16:38Z
dc.date.available2019-03-14T23:16:38Z
dc.date.issued2016
dc.identifier.issn0927-538X
dc.identifier.doi10.1016/j.pacfin.2016.06.011
dc.identifier.urihttp://hdl.handle.net/10072/142508
dc.description.abstractThe regulatory provisions in India ensure that IPO investors are able to observe the participation levels of other subscribers prior to their own subscription decisions. This should reduce the information asymmetry between the foreign institutional (FIIs) and domestic institutional investors (DIIs). We argue that because of this setting we should observe less difference in their investment patterns and performance. Our results, however, show that (a) FIIs subscribe to IPOs more aggressively than DIIs; (b) DIIs have better IPO selection ability than FIIs; and (c) in the post-listing period, FIIs reduce their IPO holdings more extensively than DIIs. FIIs reduce their post-listing holdings especially in firms that are smaller, younger, have higher stock volatility while increasing on stocks with higher returns, indicating that FIIs chase hot markets. Overall, in spite of transparency-enhancing regulations, the investment patterns of FIIs and DIIs differ significantly.
dc.description.peerreviewedYes
dc.languageEnglish
dc.language.isoeng
dc.publisherElsevier
dc.relation.ispartofpagefrom197
dc.relation.ispartofpageto210
dc.relation.ispartofjournalPacific Basin Finance Journal
dc.relation.ispartofvolume39
dc.subject.fieldofresearchBanking, Finance and Investment not elsewhere classified
dc.subject.fieldofresearchAccounting, Auditing and Accountability
dc.subject.fieldofresearchBanking, Finance and Investment
dc.subject.fieldofresearchcode150299
dc.subject.fieldofresearchcode1501
dc.subject.fieldofresearchcode1502
dc.subject.keywordsDomestic institutional investors
dc.subject.keywordsForeign institutional investors
dc.subject.keywordsInformation asymmetry
dc.subject.keywordsIndian IPOs
dc.titleDomestic and foreign institutional investors' investment in IPOs
dc.typeJournal article
dc.type.descriptionC1 - Articles
dc.type.codeC - Journal Articles
gro.facultyGriffith Business School, Department of Accounting, Finance and Economics
gro.hasfulltextNo Full Text
gro.griffith.authorNeupane, Suman


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