Ownership structure and initial public offerings

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Ownership structure and initial public offerings, Volume 1

Author:	Aggarwal, Reena; Klapper, Leora;	Collection Title:	Policy, Research working paper ; no. WPS 3103
Country:	India;	Date Stored:	2003/08/30
Document Date:	2003/07/31	Document Type:	Policy Research Working Paper
Language:	English	Major Sector:	Finance
Region:	South Asia	Report Number:	WPS3103
Sub Sectors:	General finance sector; Banking; Capital markets	SubTopics:	Small Scale Enterprise; International Terrorism & Counterterrorism; Economic Theory & Research; Payment Systems & Infrastructure; Financial Crisis Management & Restructuring; Microfinance; Financial Intermediation
Volume No:	1

Summary: The authors study the relationship between ownership structure, corporate governance, and the initial public offering (IPO) process. They examine equity ownership by different institutions, such as foreign and domestic financial institutions, banks with and without lending relationships, venture capitalists, and corporations prior to an IPO. The authors also analyze the relationship between ownership structure and corporate governance. They use a unique dataset of 152 Indian IPOs during the period 1999-2001 to analyze ownership of shares by main groups of shareholders. The authors find a relationship between ownership structure and firm-specific factors such as sales, leverage, and profitability, and IPO characteristics such as percentage of equity locked up, gross proceeds, and exchange of listing. There is also a strong relationship between ownership by different types of institutions. Ownership is also tied to bank lending relationships. Finally, the authors find strong relationships between ownership types and corporate governance. For example, firms with foreign investors are more likely to have an outside chief executive officer and offer an employee stock option plan.


Official Documents Official, scanned versions of documents (may include signatures, etc.)
File Type		Description	File Size (mb)

	PDF 32 pages	Official version*	2.24 (approx.)
	Text	Text version**


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File Type		Description	File Size (mb)

	PDF 31 pages	WPS3103	0.20

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