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Analyzing the duration of IPOs from offering to listing using the Cox proportional hazards model
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Orientador(es)
Resumo(s)
This study examines the duration from the offering to the listing of IPOs issued on the
Pakistan Stock Exchange (PSX) during the period lasting from 1995 to 2017.
First, we analyze two regulatory regimes and identify that the listing process
has improved under the SECP regime which eventually reduces the duration to
listing. Second, this study explores the factors that contribute to a listing
duration including the quality of an IPOs, price discovery, proportion of legal
entity owned shares, market sentiment, the underwriter’s prestige, the age of the
firm and the financial performance. Subsequently, we apply the Cox proportion
hazards model to identify the determinants that affect the duration of IPOs.
Third, this study extends the analysis to examine the importance of the
regulatory regime and issuing year through frailty effects. Fourth, to examine
the determinants of IPOs duration to listing we use the Extreme Bounds
Analysis. Lastly, this study compares the findings with Brooks and Guo
(2009) to identify and contrast the factors associated with IPO duration for
developed and emerging economies. Moreover, this study confirms that the
regulatory regime, offer price, ROA, price discovery mechanism, and hot
activity period are the significant factors influencing the duration of IPOs in
the Pakistani capital market.
Descrição
Palavras-chave
IPOs Duration Cox proportional hazards model
Contexto Educativo
Citação
Mumtaz, Muhammad Zubair e Zachary Alexander Smith (2021). "Analyzing the duration of IPOs from offering to listing using the Cox proportional hazards model". Portuguese Economic Journal, 20(1):5-43
Editora
Springer