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首页> 外文期刊>Journal of Economics and Finance >Short selling restrictions in 2005-2009 in Indian market and underpricing of initial public offerings
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Short selling restrictions in 2005-2009 in Indian market and underpricing of initial public offerings

机译：2005-2009年印度市场的卖空限制以及首次公开发行的定价偏低

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Most research explains underpricing of initial public offerings (IPOs) as the rational response of investors to the valuation uncertainty and the existence of informational friction in the IPO market. In contrast, Miller (1977) demonstrates that irrational sentiments of optimistic investors lead to high underpricing which pessimistic investors are unable to correct due to short selling constraints. Using first day flipping ratio and the trading ratio as proxies for divergence of opinion, we provide evidence consistent with Miller (1977) from Indian market that the greater divergence of opinion among investors results into higher underpricing. Previous research is not unanimous on proxies for short selling constraints and also do not control for the cross-sectional differences in the severity of constraints. We test Miller's hypothesis in a market that faced prohibitive regulatory restrictions on short selling. We also control for the period when constraints are marginally relaxed. Our findings provide more robust evidence. Our results suggest that short selling restrictions affect market efficiency adversely; there could still be other forces at play. Market regulators should take steps to facilitate short selling instead of restricting it.
机译：大多数研究将首次公开发行（IPO）的定价偏低解释为投资者对估值不确定性和IPO市场中存在信息摩擦的理性反应。相反，米勒（Miller，1977）指出，乐观投资者的不合理情绪会导致定价偏高，而悲观投资者由于卖空限制而无法纠正这种定价。使用首日翻转率和交易率作为观点分歧的代表，我们提供了与印度市场的Miller（1977）一致的证据，即投资者之间观点分歧越大，导致定价偏高。先前的研究并非就卖空限制的代理达成一致，也无法控制限制严重性的横截面差异。我们在面对卖空的禁止性监管限制的市场中检验米勒的假设。我们还控制约束略微放松的时间段。我们的发现提供了更可靠的证据。我们的结果表明，卖空限制对市场效率产生不利影响。仍有其他力量在起作用。市场监管者应采取措施促进卖空而不是限制卖空。

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