New paper on the Indian IPO market

Radha Gopalan and Todd A. Gormley have a new paper The Going Public Decision and the Role of Public Equity Markets in Emerging Economies which has the abstract:

We highlight the role of public equity markets in firm financing by studying firms' going public decision in India. The availability of detailed firm-level data for a large sample of private and public firms combined with the liberalization of the IPO market in 1992 and its subsequent collapse in 1997 make India an ideal setting to analyze the role of public equity markets. We find that firms going public after liberalization are smaller, younger, from industries with greater investment opportunities, and less likely to be affiliated with a business group then other private firms. The firms also exhibit significant increases in capital expenditure and sales around the time of their IPO. Highlighting a lack of alternate sources of capital, the equity market collapse in 1997 adversely affects the performance of private firms with characteristics similar to pre-1997 IPO firms. The firms that go public during 1992-1996 also exhibit sharp declines in sales growth rates, profitability and increases in leverage and bankruptcy rates beginning in 1997. Reflecting a lack of continued equity financing, the fall in sales growth is more severe for firms from industries with greater dependence on external finance and for firms with lower asset tangibility. Overall, the evidence suggests that public equity markets play a significant role in expanding access to finance for small, young firms in emerging markets.

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