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
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
پیش نمایش صفحه اول مقاله
The underpricing of IPOs on the Stock Exchange of Mauritius
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
نویسندگان
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