This study investigates the cycles that IPO issuance produce in Pakistan and the US. We did not find evidence of a lead-lag relationship between IPO volume and initial returns in Pakistan; however, this evidence holds for the US IPOs. Another important finding is that Pakistani and US IPOs are sensitive to changes in market conditions. Moreover, we report evidence of emerging hot markets in Pakistan. This study compares the results of hot IPO markets to the proceeds obtained for firms that issue their shares and finds that firms raise more capital during hot markets; however, factors like regulatory regimes have different influences over the proceeds raised across the different markets.

本研究调查了 IPO 发行在巴基斯坦和美国产生的周期。我们没有发现巴基斯坦 IPO 数量与初​​始回报之间存在领先滞后关系的证据；然而，这一证据适用于美国 IPO。另一个重要发现是，巴基斯坦和美国的 IPO 对市场条件的变化很敏感。此外，我们报告了巴基斯坦新兴热门市场的证据。本研究将热门 IPO 市场的结果与发行股票的公司获得的收益进行比较，发现公司在热门市场筹集了更多资金；然而，监管制度等因素对不同市场的募集资金有不同的影响。