Les entreprises introduites à la bourse de casablanca sont-elles correctement évaluées ?

الملخص EN

The empirical evidence point out that Moroccan IPOs are underpriced more than the other African countries, while the market under-react them.

Furthermore, we find that underpricing provides high return and good performance after listing.

The underpricing found, is theoretically explained by the asymmetric information between the operation partners in addition to their influence.

Our findings highlight underpricing depends on the characteristics of the issuing firms and the listing.

Underpricing results on the difference between the offer price fixed by the professionals who valuate the company going public and the equilibrium market price which is determined by the market, since all the information about the new listed companies are gathered.

The origin of underpricing is in fact, the professional valuation based on some methods.We find that these latter are not able to approach even the half of the equilibrium market price which presents the fair value of the listed company.