{"id":"https://openalex.org/W4408317006","doi":"https://doi.org/10.1108/rbf-09-2024-0278","title":"IPO first-day returns: resilience to monetary policy shocks","display_name":"IPO first-day returns: resilience to monetary policy shocks","publication_year":2025,"publication_date":"2025-03-10","ids":{"openalex":"https://openalex.org/W4408317006","doi":"https://doi.org/10.1108/rbf-09-2024-0278"},"language":"en","primary_location":{"id":"doi:10.1108/rbf-09-2024-0278","doi":"https://doi.org/10.1108/rbf-09-2024-0278","is_oa":false,"landing_page_url":"https://doi.org/10.1108/rbf-09-2024-0278","pdf_url":null,"source":{"id":"https://openalex.org/S35075559","display_name":"Review of Behavioral Finance","issn_l":"1940-5987","issn":["1940-5987","1940-5979"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Behavioral Finance","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5049940060","display_name":"Khaled W. Alsabah","orcid":"https://orcid.org/0000-0002-7241-9658","observed_orcids":["https://orcid.org/0000-0002-7241-9658"]},"institutions":[{"id":"https://openalex.org/I36721946","display_name":"Kuwait University","ror":"https://ror.org/021e5j056","country_code":"KW","type":"education","lineage":["https://openalex.org/I36721946"]}],"countries":["KW"],"is_corresponding":true,"raw_author_name":"Khaled Alsabah","raw_affiliation_strings":["Department of Finance, Kuwait University, Shedadiah, Kuwait"],"raw_orcid":"https://orcid.org/0000-0002-7241-9658","affiliations":[{"raw_affiliation_string":"Department of Finance, Kuwait University, Shedadiah, Kuwait","institution_ids":["https://openalex.org/I36721946"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5049940060"],"corresponding_institution_ids":["https://openalex.org/I36721946"],"apc_list":null,"apc_paid":null,"fwci":0.6052,"has_fulltext":false,"cited_by_count":1,"citation_normalized_percentile":{"value":0.62909074,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":91,"max":95},"biblio":{"volume":"17","issue":"2","first_page":"365","last_page":"382"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9970999956130981,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9970999956130981,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.000699999975040555,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11059","display_name":"Market Dynamics and Volatility","score":0.000699999975040555,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/initial-public-offerings","display_name":"initial public offerings","score":0.8519999980926514},{"id":"https://openalex.org/keywords/ipo-underpricing","display_name":"IPO underpricing","score":0.9369999766349792},{"id":"https://openalex.org/keywords/first-day-returns","display_name":"first-day returns","score":0.9039999842643738},{"id":"https://openalex.org/keywords/monetary-policy-shocks","display_name":"monetary policy shocks","score":0.9679999947547913},{"id":"https://openalex.org/keywords/federal-funds-rate","display_name":"federal funds rate","score":0.7749999761581421},{"id":"https://openalex.org/keywords/fomc-announcements","display_name":"FOMC announcements","score":0.906000018119812},{"id":"https://openalex.org/keywords/ipo-pricing","display_name":"IPO pricing","score":0.593999981880188},{"id":"https://openalex.org/keywords/behavioral-finance","display_name":"behavioral finance","score":0.7179999947547913}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7362561821937561},{"id":"https://openalex.org/C12559387","wikidata":"https://www.wikidata.org/wiki/Q185142","display_name":"Initial public offering","level":2,"score":0.7036091089248657},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6494930982589722},{"id":"https://openalex.org/C2779585090","wikidata":"https://www.wikidata.org/wiki/Q3457762","display_name":"Resilience (materials science)","level":2,"score":0.5633434653282166},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.5348675847053528},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3344283103942871},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C97355855","wikidata":"https://www.wikidata.org/wiki/Q11473","display_name":"Thermodynamics","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1108/rbf-09-2024-0278","doi":"https://doi.org/10.1108/rbf-09-2024-0278","is_oa":false,"landing_page_url":"https://doi.org/10.1108/rbf-09-2024-0278","pdf_url":null,"source":{"id":"https://openalex.org/S35075559","display_name":"Review of Behavioral Finance","issn_l":"1940-5987","issn":["1940-5987","1940-5979"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Behavioral Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:eme:rbfpps:rbf-09-2024-0278","doi":null,"is_oa":false,"landing_page_url":"https://www.emerald.com/insight/content/doi/10.1108/RBF-09-2024-0278/full/html?utm_source=repec&utm_medium=feed&utm_campaign=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":29,"referenced_works":["https://openalex.org/W1276062466","https://openalex.org/W1484799109","https://openalex.org/W1590831332","https://openalex.org/W1992700915","https://openalex.org/W2073488258","https://openalex.org/W2080045204","https://openalex.org/W2084359312","https://openalex.org/W2091957067","https://openalex.org/W2095907808","https://openalex.org/W2099884752","https://openalex.org/W2128633294","https://openalex.org/W2154585860","https://openalex.org/W2170906088","https://openalex.org/W2752617332","https://openalex.org/W2786047441","https://openalex.org/W2791959148","https://openalex.org/W3121299736","https://openalex.org/W3122136669","https://openalex.org/W3122319141","https://openalex.org/W3123105184","https://openalex.org/W3123663007","https://openalex.org/W3125428948","https://openalex.org/W3125531661","https://openalex.org/W3129156676","https://openalex.org/W4230080450","https://openalex.org/W4235946400","https://openalex.org/W4380741949","https://openalex.org/W4401532656","https://openalex.org/W4401595220"],"related_works":["https://openalex.org/W2108696090","https://openalex.org/W4401517150","https://openalex.org/W7165242420","https://openalex.org/W4241796231","https://openalex.org/W2754348085","https://openalex.org/W1502923994","https://openalex.org/W7211880962","https://openalex.org/W4411404754","https://openalex.org/W254279928","https://openalex.org/W2115964703"],"abstract_inverted_index":{"Purpose":[0],"This":[1,123,139,167],"research":[2,168],"examines":[3],"the":[4,11,29,55,68,88,142,146,157,173,183,189],"relationship":[5],"between":[6,58,82],"monetary":[7,72,100,115,150],"policy":[8,73,101,116,151],"surprises":[9,102],"and":[10,63,84],"first-day":[12,76,104],"returns":[13],"of":[14,47,71,99,149,159,175,186],"Initial":[15],"Public":[16],"Offerings":[17],"(IPOs).":[18],"The":[19,93],"primary":[20],"objective":[21],"is":[22,141],"to":[23,51,66,135,144,164,178,182],"determine":[24],"whether":[25],"unexpected":[26],"changes":[27,86],"in":[28,87,118],"federal":[30,89],"funds":[31,90],"rate":[32],"around":[33],"Federal":[34],"Open":[35],"Market":[36],"Committee":[37],"(FOMC)":[38],"announcements":[39,65],"impact":[40,70,148],"IPO":[41,59,77,105,109,154,160,176],"underpricing.":[42],"Design/methodology/approach":[43],"Using":[44],"a":[45],"dataset":[46],"IPOs":[48],"from":[49],"2000":[50],"2020,":[52],"we":[53,129],"leverage":[54],"time":[56],"gap":[57],"offer":[60],"price":[61,161],"declarations":[62,162],"FOMC":[64,136,165],"assess":[67],"exogenous":[69],"shocks":[74,117,152],"on":[75,103,153],"returns.":[78],"Our":[79],"approach":[80],"differentiates":[81],"anticipated":[83],"unanticipated":[85],"rate.":[91],"Findings":[92],"results":[94],"reveal":[95],"no":[96],"significant":[97],"effect":[98],"returns,":[106],"suggesting":[107],"that":[108],"investors":[110],"do":[111],"not":[112],"account":[113],"for":[114],"their":[119],"initial":[120],"pricing":[121,177],"decisions.":[122],"contrasts":[124],"with":[125],"established":[126],"findings,":[127],"which":[128],"replicate,":[130],"regarding":[131],"broader":[132,184],"market":[133],"reactions":[134],"announcements.":[137,166],"Originality/value":[138],"study":[140],"first":[143],"examine":[145],"specific":[147],"underpricing,":[155],"using":[156],"timing":[158],"relative":[163],"offers":[169],"new":[170],"insights":[171],"into":[172],"resilience":[174],"external":[179],"shocks,":[180],"contributing":[181],"understanding":[185],"underpricing":[187],"within":[188],"behavioral":[190],"finance":[191],"framework.":[192]},"counts_by_year":[{"year":2026,"cited_by_count":1}],"updated_date":"2026-11-12T12:28:57.059296","created_date":"2025-03-12T00:00:00"}