Doctoral thesis of Philosophy: Underwriter allocation discretion, investor participation and IPO pricing: evidence from the Indian IPO market

This thesis is divided into six chapters. The current chapter has introduced the thesis. Chapter 2 discusses the background of the institutional features of the Indian IPO market, including the grey market. Chapter 3 (Study 1) introduces an integrated conceptual framework of information sharing, with and without allocation discretion to underwriters. Chapter 4 (Study 2) applies signaling theory in the Indian IPO market setting to understand the effect of the information asymmetry between IPO investors. The objective of Chapter 5 (Study 3) is an examination of the determinants of underwriter syndication and the motivation of underwriters in the Indian IPO market to form IPO syndicates. The conclusions, limitations and suggestions for future research are examined in Chapter 6.