Purpose

The purpose of this paper is to examine the impact of privatized initial public offerings (IPOs) on flipping activity in the Pakistan IPO market.

Design/methodology/approach

This study sampled 95 IPOs listed on the Pakistan stock exchange over the period of 2000 to 2019. The ordinary least square technique and quantile regression were used to examine the impact of privatized IPO on flipping activity.

Findings

The present study finds that privatization affects flipping activity and creates a quality signal in Pakistan’s IPO market. The findings of this study also show that privatized IPOs were subjected to high levels of flipping activity compared to non-privatized IPOs. Additionally, investors’ demand has been found to moderate the relationship between privatized IPOs and flipping activity in Pakistan’s IPO market.

Research limitations/implications

Based on the fact that the sample consists of a combination of privatized and non-privatized IPOs, the results provide valuable insight into factors that may lead to unusual trading behavior/flipping during the first day of listing.

Originality/value

Despite several studies on events (e.g. short- and long-term price performance) around IPO, there is little evidence on how privatized IPOs affect flipping activity, which is a high volume of trading immediately after listing.

中文翻译：

---

投资者需求的调节作用：巴基斯坦 IPO 市场的私有化 IPO 和翻转活动

目的

本文的目的是研究私有化首次公开募股 (IPO) 对巴基斯坦 IPO 市场翻转活动的影响。

设计/方法/方法

本研究对 2000 年至 2019 年期间在巴基斯坦证券交易所上市的 95 家 IPO 进行了抽样。使用普通最小二乘法和分位数回归来检验私有化 IPO 对翻转活动的影响。

发现

本研究发现，私有化会影响翻转活动，并在巴基斯坦的 IPO 市场上产生质量信号。这项研究的结果还表明，与非私有化 IPO 相比，私有化 IPO 受到高水平的翻转活动。此外，已发现投资者的需求缓和了私有化 IPO 与巴基斯坦 IPO 市场的翻转活动之间的关系。

研究限制/影响

基于样本由私有化和非私有化 IPO 组合组成的事实，结果提供了对可能导致上市第一天异常交易行为/翻转的因素的宝贵见解。

原创性/价值

尽管对围绕 IPO 的事件（例如短期和长期价格表现）进行了多项研究，但几乎没有证据表明私有化 IPO 如何影响翻转活动，即上市后立即进行的大量交易。