Suman Neupane
Centre for Research in Economics & Finance,
Cranfield School of Management
Qualifications
MRes (Cranfield University)
MBA-International Business (Asian Institute of Technology)
MSc in Finance (ESCP-EAP Paris)
BBA- Accounting (Tribhuvan University)
Background
Prior joining to Cranfield University, I worked as a Finance and Business Planning Manager for a leading Thai dairy company with strong presence in a number of Asean markets. I also have taught graduate and postgraduate courses in a number of colleges affiliated to Tribhuvan University in Nepal.
Research Topic
Conflicts of Interests in IPOs.
Research Issue
Since the burst of the internet bubble there is a great deal of interest in the way investment bank prices and allocates initial public offerings (IPOs). The additional scrutiny and spotlight is also because of the dominance of bookbuilding mechanism, which gives complete discretion in terms of allocation and pricing to underwriters, and the huge amount of money left on the table by the issuers, especially during the internet bubble period. Numerous press stories and law suit by investors and issuers alleged conflicts of interest by investment banks at the expense of issuers and investors. In spite of this, there is very limited evidence available, especially of countries other than US, on conflicts of interest perpetuated by investment banks. By exploring issues such as spinning, laddering, profit sharing allocations, allocation to affiliated funds, and relationship banking, I will examine conflicts of interest perpetuated by investment banks in UK, Continental Europe and some Emerging countries.
Sector
Finance.
Research Methods
Econometric analysis of cross-sectional data.
Theoretical Perspective
The research will primarily explore the trade that investment banks make between reputational capital and profits through quid pro quo relationship with issuers and/or investors. The theoretical perspective will be positivist and the empirical research will use published secondary data.
Why I Chose Cranfield
I chose Cranfield University because of its reputation as a leading post graduate research university in the world. With an emphasis on practice, Cranfield’s take on research is much more tuned to the realities of the world rather than on abstract theoretical issues.
Published Papers
Venkatesh, S., and Neupane, S., (2004), “Does Ownership Structure Effect IPO Underpricing: Evidence from Thai IPOs”, Journal of Corporate Ownership and Control, vol. 3, Issue 2, pp 106-115.