Can small naïve investors infer information from equity offerings ? : evidence from the Mena Region

مقدم أطروحة جامعية

al-Bunamani, Asma

مشرف أطروحة جامعية

Faruq, Umar

الجامعة

جامعة الأخوين

الكلية

كلية إدارة الأعمال

دولة الجامعة

المغرب

الدرجة العلمية

ماجستير

تاريخ الدرجة العلمية

2010

الملخص الإنجليزي

This paper explores the information content in equity offerings across nine countries in the MENA region.

It distinguishes between five aspects of equity offerings, i.e.

the nature of offering (i.e.

IPO Vs.

SEO), the type of the offering (i.e.

Rights, Placements, and Offer for Sale), the size of issue (i.e.

Large issue Vs.

Small issue), the industry of issuer (i.e.

Financial issuer Vs.

Non-Financial issuer), and the type of the underwriter (i.e.

Foreign Vs.

Local).

We believe that each of these aspects contains different amount of information.

Documenting information content of these aspects of equity offering may provide an additional source of reliable information for small/naïve investors in emerging markets.

Our results show that, on average, Offer for Sale outperforms the Rights offering and the Placement offerings.

Contrary to our expectations, our results also show that issues underwritten by Foreign underwriters are followed by higher abnormal returns relative to those underwritten by Local underwriters.

In addition, we also report insignificant information content in the nature of offering and in the size of the issue.

التخصصات الرئيسية

العلوم المالية و المحاسبية

الموضوعات

• أصحاب الأسهم
• الأسهم
• الشرق الأوسط

عدد الصفحات

34

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-626757