Chaturvedi, Arvind; Pandey, Alok; Ghosh, Syamal K. - In: Vision 10 (2006) 3, pp. 23-33
One major source of business financing is through Initial Public Offerings (IPOs). Historically, IPOs received high initial first day gains compared to the market performance. These gains reflect external factors and not the company's true value, thereby suggesting the under-priced IPO. The...