offering (IPO) produce better operating and stock performance, post-IPO. Since VC involvement starts from the pre-IPO stage, we studied the pre-IPO operating performance and the post-IPO operating and stock performance of VC-IPOs and compared their performance with groups of non VC-IPOs to see whether VC had created additional value. While the results have proved the long term value creation hypothesis, the results with regard to issue time performance of IPO firms are contradictory. The initial results on financial performance too signal better operating performance of VC-IPOs.

Do Indian Acquirers Create Shareholder Value? The Effect of Affiliation on a Family Business Group

This paper empirically examines whether Indian acquirers create value for their shareholders around the time of announcement and the effect of family business groups in value creation for the shareholders of the acquirers. We measure the value creation for the shareholders of the acquirers by the market reaction surrounding the announcement of the date of acquisition. The literature suggests that family business group firms in India are different from firms which are not part of any family business group. Keeping in mind these differences, we investigate the mergers and acquisitions (M&A) phenomenon between the family business group acquirers and other acquirers. More specifically we investigate the effect of family business groups in value creation/destruction by the acquirers. Using SDC Platinum M&A data for the period of 1994 to 2009, we find that Indian acquirers create value for their shareholders at the time of announcement as opposed to the findings from the developed markets. Further, Indian acquirers affiliated to a family business group create less shareholder value as compared to non-group Indian acquirers although business group acquirers create positive shareholder value.

Workplace Identity: Explorations in Structure and Dynamics

This theoretical paper looks at individual identity in the organisational context. Contemporary organisational studies on the structure of identity dominantly draw upon the social identity theory and the self-categorisation theory. There is a marked absence of the psychological perspective in these studies. This paper attempts to bring in the 'needs' perspective from psychology to workplace identity research. The main objective is to examine the structure of workplace identity which consists of 'individual needs' and 'identification with the organisation'. As identification is characterised by a feeling of being an extension of the organisation, this study hypothesises that members high in identification would be more than willing to indulge in supporting activities beyond formal organisational requirements.   Additionally, the moderating role of organisational characteristics has been put forward as a 'dynamic' aspect of the process of workplace identity. One's  'gratitude' towards the organisation is expected to be influenced by the perception of the exchange characteristics of support, justice, quality of leader-member exchange and organisational control practices reflected through organisational structure.