{"title":"从狂热到翻转:解读监管变化后的外国投资者行为","authors":"M A Aneesha , P J Jijo Lukose","doi":"10.1016/j.frl.2024.106645","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"73 ","pages":"Article 106645"},"PeriodicalIF":7.4000,"publicationDate":"2024-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"From frenzy to flip: Unpacking foreign investor behavior in the wake of regulatory change\",\"authors\":\"M A Aneesha , P J Jijo Lukose\",\"doi\":\"10.1016/j.frl.2024.106645\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>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.</div></div>\",\"PeriodicalId\":12167,\"journal\":{\"name\":\"Finance Research Letters\",\"volume\":\"73 \",\"pages\":\"Article 106645\"},\"PeriodicalIF\":7.4000,\"publicationDate\":\"2024-12-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Finance Research Letters\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S154461232401674X\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S154461232401674X","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
From frenzy to flip: Unpacking foreign investor behavior in the wake of regulatory change
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.
期刊介绍:
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