Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
1003164 | Research in International Business and Finance | 2011 | 11 Pages |
Abstract
The paper provides empirical analyses of IPO underpricing on the Nigerian Stock Exchange, from the period 1990 to 2006. The results indicate an average abnormal initial day returns of 43.1%. There is evidence of long-run underperformance of 0.6%. Results from our regression model explaining initial abnormal returns for the IPOs of Nigeria show that size of firm and audit quality are important variables affecting underpricing. The results also show the presence of a non-linear relationship between the offer price and underpricing.
Related Topics
Social Sciences and Humanities
Business, Management and Accounting
Business and International Management
Authors
Charles K.D. Adjasi, Kofi A. Osei, Eme U. Fiawoyife,