From frenzy to flip: Unpacking foreign investor behavior in the wake of regulatory change

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-12-11 DOI:10.1016/j.frl.2024.106645

M A Aneesha , P J Jijo Lukose

引用次数: 0

Abstract

This study investigates the effects of a regulatory change that enabled a new category of Foreign Portfolio Investors (FPIs) to participate in the Indian IPO market. We find a significant increase in FPI demand and their share in the total institutional holdings post-regulation. Further, we observe a significant rise in flipping activity accompanied by a decline in FPI holdings during the two quarters after an IPO. Despite these changes, the level of information uncertainty remains largely unchanged. These findings underscore regulatory interventions' complex and multifaceted consequences on FPI behavior and its broader implications for IPO market dynamics.

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从狂热到翻转：解读监管变化后的外国投资者行为

本研究调查了监管变化的影响，使一类新的外国投资组合投资者（fpi）参与印度IPO市场。我们发现，监管后，FPI需求及其在机构总持有量中的份额显著增加。此外，我们观察到在首次公开募股后的两个季度内，翻转活动显著增加，同时FPI持有量下降。尽管发生了这些变化，但信息不确定性的水平基本上没有改变。这些发现强调了监管干预对FPI行为的复杂和多方面的影响及其对IPO市场动态的更广泛影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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