La sous-évaluation et la pertinence des méthodes d’évaluations à refléter la juste valeur des firmes lors des IPO "bourse d’Alger et de Tunis"

Abstract EN

This research aims to identify the existence of underpricing phenomenon during the (IPO), and to test the relevance of valuation methods to reflect the fair value of firms.

The analysis is conducted on a sample of 28 companies over the period 2000 to 2019.

Our results indicate the existence of an underpricing on the Tunis and Algiers stock exchange negatively correlated with the results of the valuation methods which, generally, overvalue firms.

This reinforces the hypothesis that underpricing is used to ensure the success of IPO.

However, the analysis supports the critics suspecting the methods to depend on manipulable and arbitrary parameters to emit a desired offer price, especially with the application of weightings between several methods.