Purpose

This study aims to compare the short-run performance of construction and non-construction initial public offerings (IPOs) that are offered in India during 2006–2015. The study also attempts to investigate the impact of ownership structure (i.e. concentrated ownership in the hand of promoters and institutional ownership) and market sentiment on the performance of construction sector IPOs in short run.

Design/methodology/approach

A total of 281 IPOs were listed at National Stock Exchange, India, during the study period, and 44 of those were from construction sector. The short-run performance of these construction and non-construction IPOs was compared using two indicators, i.e. monthly stock return (SR) and excess return over market benchmark (MAR). To examine the effect of concentrated ownership in the hand of promoters, institutional ownership and market sentiment on IPO performance, systematic dynamic panel regression model was developed.

Findings

The IPOs of construction firms perform significantly better than the non-construction firms. The performance of construction IPOs is significantly driven by the lag effect. This suggests a significant informational inefficiency, which results in a delayed reaction by investors. The market sentiment has a positive influence on the performance of construction sector IPOs, whereas the institutional holding has a negative influence.

Originality/value

To the best of the author’s knowledge, this study is the first attempt to examine the performance of construction sector IPOs in short run. The study uses systematic dynamic panel data regression, which provides better and reliable estimates.

中文翻译：

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所有权结构和市场情绪在短期内是否会影响印度IPO的表现？动态面板数据分析

目的

本研究旨在比较2006–2015年在印度进行的建筑和非建筑首次公开募股（IPO）的短期表现。该研究还试图调查所有权结构（即，发起人手中的集中所有权和机构所有权）和市场情绪在短期内对建筑业IPO业绩的影响。

设计/方法/方法

在研究期间，共有281项IPO在印度国家证券交易所上市，其中44项来自建筑业。使用两个指标比较了这些建筑和非建筑IPO的短期业绩，即月股票收益率（SR）和超额收益超过市场基准（MAR）。为了研究发起人手中的集中所有权，机构所有权和市场情绪对IPO绩效的影响，建立了系统的动态面板回归模型。

发现

建筑公司的IPO表现要明显优于非建筑公司。滞后效应极大地推动了建筑IPO的表现。这表明信息效率低下，导致投资者的反应延迟。市场情绪对建筑业首次公开招股的业绩产生积极影响，而机构持股则产生负面影响。

创意/价值

就作者所知，该研究是首次检验建筑行业IPO短期绩效的首次尝试。该研究使用系统的动态面板数据回归，可以提供更好和可靠的估计。