Purpose

This study identifies the factors responsible for obtaining price premium on privately placed equity in a developing market.

Design/methodology/approach

We examine a unique data set of a special case of private placement of equity, Qualified Institutional Placement (QIP) in India purchased at a premium. The study analyzed 188 equity issues offered between September 2006 and December 2014. On average, we find that QIP issues received a price premium of 4.38%. The study employed binary probit and ordinary least square regression models to analyze the probability and magnitude of the premium.

Findings

The study attributes the price premium of QIP to certification effect through group affiliation, signaling through promoters' ownership and monitoring effect through existing institutional investors. These factors influence the probability of premium for QIP issues. However, group affiliation and institutional ownership do not significantly influence the magnitude of the premium.

Originality/value

The private placement of equity is usually offered at a discount. Our findings contribute to the existing literature by evaluating the premium obtained on private placement as a unique scenario in emerging market supported through certification hypothesis, monitoring hypothesis and signaling.

中文翻译：

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私募溢价：来自印度的证据

目的

本研究确定了在发展中市场私募股权获得价格溢价的因素。

设计/方法/方法

我们研究了一个独特的数据集，该数据集是在印度以溢价购买的私募股权私募（QIP）特例。该研究分析了 2006 年 9 月至 2014 年 12 月期间发行的 188 股股票。平均而言，我们发现 QIP 发行的价格溢价为 4.38%。该研究采用二元概率和普通最小二乘回归模型来分析保费的概率和幅度。

发现

该研究将 QIP 的价格溢价归因于通过集团从属关系的认证效应、通过发起人所有权的信号以及通过现有机构投资者的监督效应。这些因素影响 QIP 问题的溢价概率。然而，集团隶属关系和机构所有权对溢价的幅度没有显着影响。

原创性/价值

股权的私募通常以折扣价提供。我们的研究结果通过评估私募获得的溢价作为新兴市场的独特场景，通过认证假设、监控假设和信号支持，为现有文献做出贡献。