IPOs Underpricing in Morocco

مقدم أطروحة جامعية

Moumnani, Kaoutar Tagnaouti

مشرف أطروحة جامعية

Sawicki, Julia

الجامعة

جامعة الأخوين

الكلية

كلية إدارة الأعمال

دولة الجامعة

المغرب

الدرجة العلمية

ماجستير

تاريخ الدرجة العلمية

2007

الملخص الإنجليزي

This paper proposes some explanations for underpricing in the Moroccan market.

By using factors that were used by other researchers, we demonstrate how the Moroccan market reacts to these factors.

We use market conditions (market return, and market volatility) and firm specific factors (market capitalization, industry, age, and fraction of equity sold).

From this study, we show that the magnitude of underpricing is significantly lower just 22.56% average initial return than other emerging markets.

In the long run, Moroccan IPOs show more underperformance (0.19% after two years) than in other emerging markets.

Moreover, market returns before the offer price is set affect the amount of IPO underpricing.

On the other hand, we do not find any significant effect of market volatility on the amount of underpricing even though it has a considerable effect on the variability of underpricing.

Concerning firm specific variables, market capitalization is the only variable that has a significant impact on underpricing.

We find a negative relationship between market capitalization and underpricing.

In the Moroccan market, there are two selling mechanisms (fixed price and hybrid auctions).

We show that hybrid auction is more efficient in controlling the effects of market conditions on underpricing than fixed price methods.

التخصصات الرئيسية

إدارة الأعمال

عدد الصفحات

59

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-629441