Pricing of an Initial public offering (IPO) is a complex phenomenon. Price anomalies are commonly observed in IPO markets, especially in emerging markets. Investors perceived underpricing creates ...undue market momentum during the offer period with an asymmetric effect across different issue sizes. This study examines the determinants of Book Built IPOs underpricing by considering a sample of 180 Book Built IPOs that went public in India between 2011 and 2020. The determinants were verified for differential issue size public offers. Listing day performance was measured using Listing Day-Absolute Return (LD-AR) and Listing Day-Market Adjusted Return (LD-MAR) models. Further, the data obtained was tested for the explanatory capabilities of firm-specific and market momentum factors for underpricing using OLS models. Concerning the differential issue size, the study found a direct relationship between the issue size and underpricing. Dominant underpricing was observed in the case of moderate to large issue size with a linear progressive return, confirming that there was over-optimism on the part of investors. The study's results also revealed that momentum-specific factors have a significant influence along with firm-specific factors such as firm size, cash flows, a subscription rate of QIBs and RIIs in the listing day return, and underpricing.
Purpose
The present research focuses on improving the awareness related to soft total quality management (TQM) practices by looking from the viewpoint of strategic human resources (HR). In addition, ...it is intended to reflect on the resulting soft TQM-HR outcomes and determine the mediating effect between soft TQM-HR strategies and organizational effectiveness (OE).
Design/methodology/approach
An exploratory research methodology with an online survey technique was adopted for the study. Three hundred and three managerial-level personnel from nine large Indian manufacturing organizations participated in the research. A theoretical model is projected and verified using correlation and mediation analysis.
Findings
The results show that commitment, reduced turnover intentions and satisfaction levels of employees mediate the relationship between resources, development and retention strategies and OE. However, the retention strategy has the strongest association with the OE of the three strategies. Also, of the three HR outcomes, satisfaction was strongly associated with OE. The analysis proved that the proposed model is an acceptable fit.
Practical implications
Implementing HR-related TQM strategies will likely impact OE since it elicits positive HR outcomes such as commitment, reduced turnover intention and satisfaction. Recognizing human resources as a unique strategic asset will help HR managers devise adequate resourcing, development and retention strategies instrumental in executing TQM.
Originality/value
The present micro study is unique in scrutinizing the influence of soft TQM-HR practices on organizational effectiveness by analysing the mediating effects of commitment, reduced turnover intention and satisfaction in Indian large-scale manufacturing organizations. The study is unique since no literature deciphers the linkages between HR strategies and organizational effectiveness in the Indian manufacturing sector.
The focus of this article is to analyse the inter-linkages between eight leading stock markets in Asian continent from the period of July 2011 to February 2018. This period holds relevance as this ...was the time when Recession 2.0 set in, which adversely affected the developed economies; however, the developing economies withstood the crisis without much of an impact. Co-integration and Granger causality tests were conducted to probe the inter-linkages. Study revealed a positive impact on Asian stock market indices collectively on each of the indexes. The highest number of unidirectional causalities was to KOPSI and NIFTY from rest of the stock indices. Results confirmed that no co-integration relationship existed among the selected indices indicating favourable diversification opportunities. Thus, the study fosters global market participants and policymakers to consider the nitty-gritties of stock market integration so as to benefit from international stock market diversification in the Asian region.
With a view to investigate the contribution and role of environment within a wooden pyramid model on the wound healing suppressant effect of dexamethasone in rats, wound breaking strength, dry ...weight, hydroxyproline content and histology of granulation tissue of the dead space wound were studied in rats. The results indicate that the environment within the wooden pyramid not only promotes significant wound healing but also reduces the wound healing suppressant effect of dexamethasone. Histological studies also confirmed the results.
Knowledge of variations of the internal carotid artery is significant to surgeons and radiologists. The internal carotid artery normally runs a straight course in the neck. Its anomalies can lead to ...its iatrogenic injuries. We report a case of a large loop of the internal carotid artery in a male cadaver aged about 75 years. The common carotid artery terminated by dividing it into the external carotid artery and internal carotid arteries at the level of the upper border of the thyroid cartilage. From the level of origin, the internal carotid artery coursed upwards, backwards and laterally, and formed a large loop behind the internal jugular vein. The variation was found on the left side of the neck and was unilateral. The uncommon looping of the internal carotid artery might result in altered blood flow to the brain and may lead to misperceptions in surgical, imaging, and invasive procedures.
Sternohyoid, sternothyroid, omohyoid, and thyrohyoid muscles are collectively known as infrahyoid muscles. These muscles frequently show variations in their attachments. Here, an extremely rare ...variant muscle belonging to this group has been presented. During cadaveric dissection for undergraduate medical students, an additional muscle was found between sternohyoid and superior belly of omohyoid muscles bilaterally in a male cadaver aged approximately 70 years. This muscle took its origin from posterior surface of the manubrium sterni, capsule of the sternoclavicular joint and the posterior surface of the medial part of the clavicle. It was inserted to the hyoid bone between the attachments of sternohyoid and superior belly of omohyoid muscles and was supplied by a branch of ansa cervicalis profunda. There is no report on such a muscle in the literature and it could be named as “sternocleidohyoid muscle”. Knowledge of this muscle could be useful in neck surgeries.
Obturator vein usually terminates into the internal iliac vein. Its variations are the cause major bleeding problems in pelvic surgeries. We observed a rare variation in the termination of the right ...obturator vein. There was a duplication of right obturator vein. Both obturator veins entered the pelvic cavity through the obturator foramen and joined with two vesical veins to form a vesico-obturator plexus. This plexus surrounded the internal iliac artery and terminated into the internal iliac vein. Awareness of this rare variation could be of importance to anatomists, radiologists, gynaecologists, urologists, and orthopaedic surgeons. The plexus might lead to hazardous bleeding in pelvic lymph node clearance procedures, hernia surgeries, gynaecological and orthopaedic procedures in this region. The pelvic fractures too can provoke dramatic retroperitoneal hematomas related to these veins injuries.
Background The administration of adequate analgesia post-operatively has been associated with fewer cardiopulmonary complications, lower morbidity and mortality, lower healthcare costs, and higher ...patient satisfaction. One of the most effective ways to raise the standard of healthcare would be standardization of multimodal analgesia with enhanced recovery after surgery. Adjuncts to spinal anesthetists can achieve a better post-operative pain relief with less doses of rescue analgesia. Methods This was a prospective, randomized trial conducted on 60 women undergoing abdominal hysterectomy under spinal anesthesia. We evaluated the impact of adding 0.5 mL (2.5 mg) of intrathecal midazolam versus 25 mcg of intrathecal fentanyl (0.5 mL) with 2.5 mL injection of 0.5% bupivacaine (hyperbaric) (12.5 mg). The outcomes were prolongation of analgesia in the post-operative period, onset and duration of sensory and motor blockade, stable hemodynamics, and any adverse reactions to the study drugs. Results The two groups, group M (midazolam + hyperbaric bupivacaine) and group F (fentanyl + hyperbaric bupivacaine), had similar distribution for age, weight, and type and duration of surgical procedure. Both groups had stable vital parameters and experienced a similar onset of sensory and motor blockade. Intraoperative modified Ramsay sedation score was better in group M in comparison to group F. However, mean of elapsed time of two-segment regression of sensory block, from T12 to L1 level, and mean time to regression, from Bromage score 3 to 2, were longer in group F. Group F also had a better visual analogue scale (VAS) score in the post-operative period than group M, and group F experienced a longer average post-operative analgesic duration (lasting for 367.73 minutes) as compared to group M (lasting for 254.9 minutes), having a difference that was of statistical significance (p < 0.001). No substantial adverse reactions were seen in either group. Conclusion The duration of post-operative analgesia is significantly prolonged when 25 mcg of adjuvant intrathecal fentanyl is used with 0.5% bupivacaine (hyperbaric) as compared to intrathecal midazolam 0.5 mL (2.5 mg) in women undergoing abdominal hysterectomy under spinal anesthesia. Both fentanyl and midazolam have minimal adverse reactions and are safe to use as adjuvants to 0.5% of bupivacaine (hyperbaric) in surgeries conducted in the lower abdomen.
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