The effect of ownership structure on the IPOs underpricing, evidence from the Moroccan initial price offerings
مقدم أطروحة جامعية
مشرف أطروحة جامعية
الجامعة
جامعة الأخوين
الكلية
كلية إدارة الأعمال
دولة الجامعة
المغرب
الدرجة العلمية
ماجستير
تاريخ الدرجة العلمية
2008
الملخص الإنجليزي
IPO undepricing is a widely discussed phenomenon in the corporate finance field, either for developed and emerging markets.
When a company issue stocks for the first time to public investors, the issuance price tend to be lower than the real stock price (based on different valuation methods).
This results in a substantial price jump in the first day of trading.
What are the reasons behind this underpricing? The asymmetric information models and signaling theories are the most used explanation for this phenomenon.
This research will examine empirically the performance of Moroccan’s IPOs in order to identify the relationship between IPOs underpricing and the companies’ ownership structure.
The correlation between the two studied variables, known as the ownership structure and the IPO underpricing, will be tested using a non-parametric measure of correlation.
In this study, a model will be developed.
This model will test some of information asymmetry proxies applied to the Moroccan context.
Broadly speaking, the empirical results show an average market adjusted underpricing of 21.96% over the 25 new listing in the Casablanca Stock Exchange between 2004 and 2007.
Moreover, the study reveals a negative relationship between the ownership concentration (measured by the outstanding shares held by the top shareholder) and the degree of underpricing for Moroccan IPO.
التخصصات الرئيسية
الموضوعات
عدد الصفحات
54
قائمة المحتويات
Table of contents.
Abstract.
Chapter One : Introduction.
Chapter Two : Literature review.
Chapter Three : Data and methodology.
Chapter Four : Results.
Chapter Five : Conclusions and limitations.
References.
نمط استشهاد جمعية علماء النفس الأمريكية (APA)
Hassani, Umar Muhammad Qadiri. (2008). The effect of ownership structure on the IPOs underpricing, evidence from the Moroccan initial price offerings. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-628408
نمط استشهاد الجمعية الأمريكية للغات الحديثة (MLA)
Hassani, Umar Muhammad Qadiri. The effect of ownership structure on the IPOs underpricing, evidence from the Moroccan initial price offerings. (Master's theses Theses and Dissertations Master). Al Akhawayn University. (2008).
https://search.emarefa.net/detail/BIM-628408
نمط استشهاد الجمعية الطبية الأمريكية (AMA)
Hassani, Umar Muhammad Qadiri. (2008). The effect of ownership structure on the IPOs underpricing, evidence from the Moroccan initial price offerings. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-628408
لغة النص
الإنجليزية
نوع البيانات
رسائل جامعية
رقم السجل
BIM-628408
قاعدة معامل التأثير والاستشهادات المرجعية العربي "ارسيف Arcif"
أضخم قاعدة بيانات عربية للاستشهادات المرجعية للمجلات العلمية المحكمة الصادرة في العالم العربي
تقوم هذه الخدمة بالتحقق من التشابه أو الانتحال في الأبحاث والمقالات العلمية والأطروحات الجامعية والكتب والأبحاث باللغة العربية، وتحديد درجة التشابه أو أصالة الأعمال البحثية وحماية ملكيتها الفكرية. تعرف اكثر