  This study examines the impact of dividend policy on the performance of
initial public offerings in India. The period of study is from the year
2011-2014. Monthly returns of the IPOs issued in the considered period and the
Indian Stock Market Index (Nifty 50) were considered for the long-run
performance study. The methodological tools used are long-run performance
statistics and the GARCH model. The Dummy variable was used to measure the
effect of dividends on the IPOs. The study reveals that the dividend policy has
no significant effect on the stock prices of IPO.
