Does certification work in emerging markets? evidence from the Indian IPO market

Paper

Krishnamurti, Chandrasekhar, Thong, Tiong Yang and Vishwanath, S. R.. 2009. "Does certification work in emerging markets? evidence from the Indian IPO market." 2009 JCF Conference on Emerging Market Corporate Finance. Beijing, China 24 - 25 Aug 2009
Paper/Presentation Title

Does certification work in emerging markets? evidence from the Indian IPO market

Presentation TypePaper
AuthorsKrishnamurti, Chandrasekhar (Author), Thong, Tiong Yang (Author) and Vishwanath, S. R. (Author)
Journal or Proceedings TitleProceedings of the 2009 JCF Conference on Emerging Market Corporate Finance
Number of Pages33
Year2009
Conference/Event2009 JCF Conference on Emerging Market Corporate Finance
Event Details
2009 JCF Conference on Emerging Market Corporate Finance
Event Date
24 to end of 25 Aug 2009
Event Location
Beijing, China
Abstract

There is inconclusive evidence regarding the economic value of certification in the context of IPOs in developed markets. Using a natural experiment of regulator mandated IPO grading requirement, we examine the effects of third-party certification in the Indian IPO market. We summarize our empirical results below. First, underpricing is unaffected by the grading process. Second, stock price informativeness as proxied by idiosyncratic volatility increases significantly due to IPO grading process. Third, retail and institutional subscription levels are significantly positively associated with IPO grades after controlling for other certification mechanisms such as underwriter reputation, group affiliation, analyst recommendation and venture capital backing. Finally, using a pseudo grading process we conclude that IPO grades are not mechanically derivable from publicly available information. In a nutshell, we use our unique setting to examine the usefulness of certification in emerging markets with institutional voids.

Keywordsprice information, IPO Grading, idiosyncratic volatility, certification
ANZSRC Field of Research 2020350202. Finance
Public Notes

No evidence of copyright restrictions preventing deposit.

Byline AffiliationsAuckland University of Technology, New Zealand
Singapore Management University
Institute of Management Technology, India
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