کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1003592 | 937616 | 2012 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The underpricing of IPOs on the Stock Exchange of Mauritius
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
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چکیده انگلیسی
This paper investigates the underpricing of IPOs on the Stock Exchange of Mauritius (SEM). Taking into account the whole population of firms which went public since the inception of the SEM until 2010, the results show an average degree of underpricing within the range 10–20%. Using a regression approach, we demonstrate that the aftermarket risk level and auditor's reputation both have a significant positive impact on initial returns. We propose the use of the Z-score as a composite measure of a firm's ex ante financial strength, and find that it has a significant negative effect on the degree of short-run underpricing.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Research in International Business and Finance - Volume 26, Issue 2, May 2012, Pages 281–303
Journal: Research in International Business and Finance - Volume 26, Issue 2, May 2012, Pages 281–303
نویسندگان
Ushad Subadar Agathee, Raja Vinesh Sannassee, Chris Brooks,