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The study aims to measure the subscription level and examine the determinants of oversubscription of small and medium enterprise (SME) initial public offerings (IPOs) in India.

The study employs cross sectional data to analyze 403 SME IPOs issued from Feb 2012 to May 2018 and listed on Bombay Stock Exchange's small and medium enterprise (BSE SME) platform and National Stock Exchange (NSE) EMERGE to investigate the determinants of oversubscription of SME IPOs. Hence, the study makes use of ordinary least square regression and quantile regression to test the hypotheses formulated for the determinants of oversubscription.

The main findings unveil that while issue price, pricing mechanism, listing delay negatively influence oversubscription; firm size, underwriter reputation, hot market and underpricing have been divulged to positively influence oversubscription. However, issue size emerged out to be significant in quantile regression at 25th, 50th and 75th quantiles.

The present study is confined to limited number of variables in understanding the factors impacting oversubscription. Future studies could include macroeconomic variables like gross domestic product (GDP), inflation rate, industry specific variable, i.e. technology/nontechnology industry, financial/nonfinancial industry for better understanding. Cross country analysis is suggested in future studies to validate the findings of current study. Future studies are advised to conduct the study examining the factors affecting oversubscription in light of COVID-19 pandemic.

The findings of the present study offer implications to academicians, investors, investment advisors and regulators. It provides useful insights to researchers by listing the factors that contribute to variation in subscription levels in emerging economy like India thereby, paving the way for future researches in SME IPOs in countries with different institutional settings. For investors, the study provides additional and novel information useful for IPO valuation and informed investment decisions. In addition, the findings put investment advisors in better place to guide potential investors regarding investment in good quality SME stocks (i.e. highly subscribed stocks) in more informative manner. Last but not the least, as this study would assist the regulators in handling future IPOs in a way that augments the chances of success of SME IPOs.

This study is a novel contribution in widening the IPO literature by examining the relationship between pre-IPO firm actions like issue price, pricing mechanism, issue size, firm size, listing delay, underwriter reputation, hot market, underpricing and oversubscription in unexplored settings of Indian SME IPOs.

This study aims to investigate the moderating role of investor demand on the relationship between the investors' divergence of beliefs and the first-day initial public offering (IPO) return.

The study sample covers the period from 2010 to 2019 and consists of 117 IPOs that are priced using the fixed price and listed on the Malaysian stock exchange (Bursa Malaysia). This study employed both the ordinary least square (OLS) and the quantile regression (QR) methods.

Investor demand, proxied by the over-subscription ratio (OSR), plays a moderating role in increasing the effect of investors' divergence of beliefs on initial return, and the moderation effects vary across the quantile of initial return. Pure moderation effects are observed at the bottom and top quantiles, suggesting that investor demand is necessary for divergence of beliefs to influence IPO initial return. However, at the middle quantile of initial return, investor demand is a quasi-moderator. That is, the OSR not only moderates the relationship between the divergence of beliefs and initial return but also has a positive effect on the initial return.

Investors' excessive demand for an IPO issue exacerbates the IPO under-pricing issue induced by a divergence of beliefs amongst investors, thus rendering greater equity market inefficiency.

To the authors' knowledge, this study is amongst the first to empirically investigate the moderating role of investor demand on the investors' divergence of beliefs and IPO initial return relationship.

Initial Public Offering (IPO) is a major milestone for a company. It allows a private company to issue shares to a much broader group of investors and become public. But conclusive evidence of the driving forces behind investors’ demand is yet to be identified. Therefore, the major purpose of this study is to assess the level of investors’ demand in IPO and how investors’ demand in IPOs is affected.

The study will employ 80 IPO companies of a Muslim-majority country, Bangladesh, starting from 2013 to 2021 with application of linear and quantile regressions. Apart from that, t-test will be used to compare means of groups of Shariah-compliant and non-Shariah-compliant firms and IPOs under fixed-price and book-building mechanism.

Oversubscription is higher for IPOs issued through fixed-price method compared to book-building method, but no significant difference is found in oversubscription for Shariah firms compared to non-Shariah firms based on t-tests. The authors found IPO size, firm size, IPO risk, proportion of shares offered to public, and bank interest rate to have significant impact on the IPO demand. Some models found non-Shariah compliance status of IPO companies to be a significant factor for the investors to demand IPO. Quantile regression results found board independence to have a positive association with larger, less-subscribed firms and board size to have a negative relation with IPO demand, for smaller firms with high demand.

Future studies may apply the findings to other settings, especially into the reasons behind preference for non-Shariah-compliant firms and higher demand for IPOs during higher interest rate. Equity issuing firms and issue managers can benefit from this study by wisely deciding on the proportion of shares for public, issue size and board of director composition. Shariah considerations cannot be ignored given that more information on Shariah compliance is disseminated among investors despite current non-preference for Shariah-compliant IPOs. On the other hand, institutional investors and general investors should consider firm-specific, governance and macroeconomic factors in IPO investment. Likewise, regulators would do well to bring in quality IPOs with characteristics mentioned in this study for ensuring stability of the market.

The main contribution of the study is identifying determinants of IPO demand: faith, governance, macro issues – understanding whether one or many of the above factors drive investor demand in IPOs of a Muslim-majority country will be the main contribution.

The purpose of this study is to look at how Shariah-compliant status and Shariah regulation affect the demand for initial public offerings (IPOs) in Pakistan. The Shariah-compliant status, which is seen as a method that offers a credible signal to investors, may explain the anomaly in IPO demand.

This research used multivariate and quantile regression models to assess data from 85 IPOs issued on the Pakistan Stock Exchange between 2000 and 2019.

Shariah-compliant status has a considerable negative association with IPO demand. Nevertheless, there is a considerable positive association among Shariah regulation and IPO demand. Furthermore, the interaction among regulatory quality and Shariah-compliant status has a considerable strong influence on IPO demand. As a consequence, the findings show that Shariah-compliant firms might possibly attract the attention of investors. Investors were found to concur on the amicability of rigorous rules and permissible Shariah-compliance aspects.

Future studies could analyse the financial ratio benchmark (cash and debt) to determine the Shariah-compliant status and Shariah regulation to better understand the problem of IPO demand in the context of Pakistan.

The outcomes of this research are useful for issuers and underwriters in comprehending the characteristics that influence high and early IPO success. Such knowledge may assist issuers and underwriters in responsibly planning and managing the IPO process.

The results may be useful to investors looking for critical information in prospectuses to make the best choice when subscribing to IPOs in Pakistan.

This is one of the first studies to provide empirical data on the links among Shariah-compliant status, Shariah regulation and IPO demand in Pakistan. Furthermore, this research demonstrates the interaction impact of regulatory quality and Shariah-compliant status on IPO demand.

The purpose of the study is to examine whether analyst coverage responds to changes in investor information demand for a firm and to test whether certain investor or firm characteristics moderate this association.

The authors model analyst activeness (AA) as a function of institutional investors' information demand, proxied by news readership on Bloomberg terminals and retail investors' information demand, proxied by the Google Search Volume Index (GSVI). Additionally, the authors take several steps to mitigate concerns about reverse causality that may confound the findings.

Results suggest that analysts respond to information demand shocks, but partially revert their coverage after the demand shock subsides. Furthermore, the results suggest that analysts cater their coverage more towards institutional investors than to retail investors. Evidence also suggests that analysts are more responsive to investors interested in firms with tech stock characteristics. Finally, the authors find evidence that specialist analysts respond more to institutional investors while generalist analysts respond more to retail investors.

The authors are the first to empirically examine the extent to which analysts cater to investor information demand. This is a vital topic to study because analysts are one of the primary sources of information for market participants. Understanding an analyst's motivation for providing information will help to facilitate market efficiency.

Life insurance is bought with a prior belief that promise stipulated in policy will be honored when due. Discernibly, this belief is backed by the confidence that financial markets and economy will demonstrate satisfactory performance. However, individuals' confidence levels may get shaken through naïve reinforcement learning if they witness negative market or economic condition. Considering this the authors investigate the relationship between investor confidence and life insurance demand.

The authors used bias corrected bootstrapped sample of OECD economies to examine the link between investor confidence and life insurance demand when two possible economic conditions were witnessed: 1) normal/economic expansion and 2) economic/debt impairment. The findings are robust to alternate estimation techniques and endogeneity.

The authors found that lower investor confidence, sovereign debt impairment and negative market condition will have negative repercussion on life insurance demand. On the other hand, investor confidence-life insurance demand nexus is merely influenced by market and economic condition.

This is a premier research explaining the nexus between investor confidence and life insurance demand in the context of life-cycle hypothesis, sovereign ratings channel and experience-confidence-belief framework. The finding will help economic policy-makers in developing pre-emptive measures to protect life insurance businesses from negative repercussions of lower confidence and negative market conditions.

The purpose of this paper is to offer a new and more elaborate view of the relationship between information and knowledge in accountability settings.

The study investigates how knowledge is accomplished when accountability is demanded. The “knowing-in-practice” perspective (Lave, 1988; Orlikowski, 2002; Pentland, 1992) is introduced to theorise knowledge as the ability to purposefully go on with practice and information as a resource that may contribute to this knowledge. Empirically, the study investigates Nordic investors’ engagement with companies addressing environmental, social, and governance issues.

The findings illustrate how information may contribute to knowledge in an accountability setting. Whether or not the information contributes to knowledge in the accountability setting depends on the information’s origin, convergence with other accounts, and use in contradicting and disproving executives’ information. The analysis also shows how knowledge in accountability settings may be achieved without information – for example, by enacting theories.

The study suggests that research should more carefully distinguish between knowledge and information. According to the perspective used here, knowledge is the ability to purposefully go on with practice. Information is one of many resources that can contribute to knowledge.

This study provides insight into the relationship between accounting systems and the practice of demanding accountability. Such understanding is valuable when designing accounts-based governance and civil regulation, such as for addressing sustainability issues, as in this study.

The study challenges the view of knowledge as a representation or factual commodity, and provides a new and more elaborate view of the relationship between information and knowledge in accountability settings by introducing the knowing-in-practice perspective to the accounting literature.

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. The purpose of this paper is to examine the long-run relationship between house prices, housing supply and demand, and to estimate the effects of the two types of demand (i.e. owner-occupier and investor) on house prices.

The econometric techniques for cointegration with vector error correction models are used to specify the proposed models, where the housing markets in the Australian states and territories illustrate the models.

The results highlight the regional long-run equilibrium and associated patterns in house prices, the level of new housing supply, owner-occupier demand for housing and investor demand for housing. Different types of markets were identified.

The findings suggest that policies that depress the investment demand can effectively prevent the housing bubble from further building up in the Australian states. The empirical findings shed light in the strategy of maintaining levels of housing affordability in regions where owner-occupiers have been priced out of the housing market.

There has been declining home ownership and increased acceptance of long-term renting in many western countries including Australia; this has created a problem when examining housing markets as there are dual demand and include both owner-occupiers and investors. This research has given to the relationship between supply and dual demand, which includes owner-occupation and investment, for housing and the influence on house prices.

This study aims to investigate the impact of intellectual capital (IC) on investor demand (i.e. subscription rate). The rise of the knowledge economy motivates us to investigate how the value added by the IC of the issuing firms affects potential investors’ responses.

This study investigates the impact of IC on initial public offering (IPO) subscription rates using 234 IPOs from March 31, 2010 to March 31, 2021. This study uses multivariate regression, including year and industry dummies, and conduct robustness tests with industry subsamples. Additionally, this paper uses an alternative demand proxy (i.e. listing day returns) and two-staged least squares to address endogeneity.

This paper documents an inverse relationship between investor demand and human capital efficiency alongside a positive correlation between investor demand and structural capital efficiency. Additionally, IC efficiency positively affects listing day returns, with individual investor demand significantly driven by institutional investors.

This study uses Pulic’s (2000) methodology for measuring IC and examines whether it reduces information asymmetry in the IPO market and encourages investors to subscribe to an issue. This study holds significant implications for IPO issuing firms, investors and regulators regarding the IC disclosure in the prospectus.

This paper aims to determine the demand category and level of government and investors in public–private partnership (PPP) projects. It emphasizes the importance of meeting the demands of stakeholders and controlling the unreasonable demands. This study aims to improve the demand management of stakeholders in the PPP project and lay a foundation for the research on behavior based on the motivation theory.

This paper opted for a questionnaire survey to collect data based on indicators identified through literature. The participants come from the government and private sector (investors, contractors, operators, etc.) in China PPP Lecture Hall. The reliability, validity and variance analyses are used to test the reliability of data. Factor analysis and entropy method are used to determine demand categories and weights.

The government’s 14 demands are divided into four groups: satisfy public activities, self-interest, responsibility and relief financial pressure; 6 investor's demands are divided into development ability and satisfy social activities. The self-interest of government is higher than that of the publicity in PPP projects; investor's social reputation is most important, it is a foundation for obtaining external resources and achieving enterprise development.

Because of the chosen research approach, the demand indexes cannot be exhausted. Therefore, researchers are encouraged to enrich relevant contents further.

This paper includes implications for a targeted demand control mechanism and for managing the unreasonable demand.

This paper comprehensively identifies the demand hierarchy of the government and investors, and provides the theoretical basis for the target management of stakeholders.