The long run abnormal performance of Jordanian initial public offerings (IPOs)‎ during the period (1993-2011)‎

العناوين الأخرى

الأداء غير الطبيعي طويل الأجل للإكتتابات العامة الأولية الأردنية خلال الفترة (1993-2011)‎

مقدم أطروحة جامعية

al-Tarawinah, Usamah Karim Abd al-Salam

مشرف أطروحة جامعية

al-Shawawirah, Fawwaz Khalid

أعضاء اللجنة

al-Tarawinah, Midhat Ibrahim
Abu Hams, Ala al-Din Awni
Mallawi, Ahmad Ibrahim

الجامعة

جامعة مؤتة

الكلية

كلية إدارة الأعمال

القسم الأكاديمي

قسم إدارة الأعمال و التسويق

دولة الجامعة

الأردن

الدرجة العلمية

ماجستير

تاريخ الدرجة العلمية

2014

الملخص الإنجليزي

This study aims at verifying the long run abnormal performance for the Jordanian initial public offerings (IPOs) listed in Amman stock exchange during the period from (1stJanuary, 1993 until 31stDecember, 2011).

In order to achieve the study objectives, the researcher applied the most common approach in the previous literature which is called ''The Event Study'' on the study sample which consisted of all the Jordanian initial public offerings that are listed in Amman stock exchange during the study period, which were (119) companies .Then, the researcher calculated the monthly returns for these companies for 60 months (5years) after public offering.

In order to explore the long run abnormal performance, the researcher applied three major aggregating models which are : Firstly, the cumulative abnormal returns (CAR).

Secondly, the buy and hold abnormal returns (BHAR).

Thirdly, the wealth relative model (WR).

The researcher also chooses three major benchmarks which are : Firstly, the general monthly index for Amman stock exchange weighted by market capitalization (ASEI).

Secondly : the matching firms (MF) for the Jordanian initial public offerings in terms of the (size, age, and sector) as much as possible, which also already exist in the market, and their stocks traded in the Amman stock exchange.

Thirdly : the capital assets pricing model (CAPM).

Also, the researcher applied the simple linear regression model to explore the relationship that relates between some characteristics for the companies that are listed in the market through the public offerings which include (company age, company size, the sector in which the company belongs, and the offer size).

and the abnormal return (AR) by using the three benchmarks that are applied in the study.

The results of the analysis showed that the study corresponds to most of the previous studies with regard to the long run underperformance phenomenon for the initial public offerings (IPOs), but the level of this underperformance was different based on the benchmark employed to measure the long run performance.

This conclusion was also found by the results of some previous studies.

As for testing whether there are statistically significant differences in the means with regard to the abnormal returns (AR), the cumulative abnormal returns (CAR), the buy and hold abnormal returns (BHAR) , and the wealth relative (WR), based on the benchmark which is applied in comparison and measurement, the study showed that there are statistically significant differences in the abnormal returns (AR) after applying the three benchmarks by using the parametric ''One Sample T-test''.

The study also showed that there are statistically significant differences in the wealth relative (WR) also after applying the three benchmarks, by using the "traditional T-test "and through the event window of (the end of the 1st,6th ,12th ,24th ,36th ,48th ,and 60th months) after going public .

As for the cumulative abnormal returns (CAR), and the buy and hold abnormal returns (BHAR), the study proved that there statistically significant differences in the means with regard to both models, only when the Amman stock exchange general monthly index is applied as a one of the benchmarks that are applied in the study, by using the "traditional T-test" and the same event window.

On the other hand, these differences of the cumulative abnormal returns (CAR), the buy and hold abnormal returns (BHAR) are not statistically proved by using the matching firms (MF) and the capital assets pricing model (CAPM )as benchmarks by using the same T-test and the same event window that were used before .

Finally, the study showed that there is statistically significant positive relationship between the characteristics of the firm listed in the market through public offering (age, size, sector, offer size) and the abnormal return (AR) after applying all the benchmarks, by using the simple linear regression model.

Based on the results and conclusions of the research, a number of recommendations were presented, besides proposing some future studies.

Key words : initial public offerings (IPOs), long run underperformance, , Amman stock exchange(ASE), Jordan Securities Commission (JSC), event study, Amman stock exchange index (ASEI), capital assets pricing model (CAPM ), matching firms (MF).

التخصصات الرئيسية

التسويق

الموضوعات

• الأوراق المالية
• التمويل
• الأردن

عدد الصفحات

102

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-400910