Grey market for Indian IPOs: investor sentiment and after-market performance

Paper

Krishnamurti, Chandrasekhar, Thong, Tiong Yang and Vishwanath, S. R.. 2010. "Grey market for Indian IPOs: investor sentiment and after-market performance." European Financial Management Symposium 2010: Asian Finance. Beijing, China 22 - 24 Apr 2010
Paper/Presentation Title

Grey market for Indian IPOs: investor sentiment and after-market performance

Presentation TypePaper
AuthorsKrishnamurti, Chandrasekhar (Author), Thong, Tiong Yang (Author) and Vishwanath, S. R. (Author)
Number of Pages41
Year2010
Conference/EventEuropean Financial Management Symposium 2010: Asian Finance
Event Details
European Financial Management Symposium 2010: Asian Finance
Event Date
22 to end of 24 Apr 2010
Event Location
Beijing, China
Abstract

Extant research on developed markets shows that investor sentiment is a prominent feature in IPO grey markets. There is sparse work in the context of emerging markets. We fill this lacuna by studying the working of the Indian IPO market. We consider this work interesting and relevant for the following reasons. First, grey market trading always involves short-selling as securities are not yet available. Since legal and institutional environment is less developed in emerging markets, the functioning of grey markets is of interest to policy makers and financial economists. Second, retail investors participate to a greater extent in IPOs of emerging markets, ostensibly due to the relative paucity of institutional investors. Since prior research has shown that retail investors are more prone to overreaction, it is useful to examine if grey market prices proxy for investor sentiment. Finally, if grey markets are associated with price distortion in initial trading prices, then investors can potentially exploit this by using trading strategies. Our empirical results show that grey market prices are predictable and that these prices are associated with initial listing returns. Furthermore, selling at grey market prices and subsequent short-covering is shown to be profitable.

Keywordsgrey market, initial public offerings,IPO, investor sentiment
ANZSRC Field of Research 2020350202. Finance
Public Notes

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Byline AffiliationsSchool of Accounting, Economics and Finance
Singapore Management University
Institute of Management Technology, India
Institution of OriginUniversity of Southern Queensland
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