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Initial and aftermarket performance of Egyptian share issue privatization
Author
Source
Economic Research Forum : Working Paper Series
Issue
Vol. 2002, Issue 201-240 (31 Dec. 2002)23 p.
Publisher
Economic Research Forum for the Arab Countries Iran and Turkey
Publication Date
2002-12-31
Country of Publication
Egypt
No. of Pages
23
Main Subjects
Topics
Abstract EN
The phenomenon of under pricing initial public offerings is documented for 53 Egyptian share issue privatizations (SIPs) between 1994 and 1998.
In the long run, I find mixed results.
SIPs sustain their positive performance and provide investors with abnormal returns over a one-year period, however, over 3 and 5 year horizons, the results document negative abnormal returns.
The initial excess returns are determined by ex-ante uncertainty and demand multiplier, while the aftermarket abnormal returns are dominated, mainly, by initial excess return and price-earnings ratio, in addition to ex-ante uncertainty and demand multiplier.
The empirical findings of this paper are consistent with the initial public offerings market in which investors are over optimistic towards the performance of these issues but grow more pessimistic over time.
American Psychological Association (APA)
Umran, Muhammad. 2002. Initial and aftermarket performance of Egyptian share issue privatization. Economic Research Forum : Working Paper Series،Vol. 2002, no. 201-240.
https://search.emarefa.net/detail/BIM-148960
Modern Language Association (MLA)
Umran, Muhammad. Initial and aftermarket performance of Egyptian share issue privatization. Economic Research Forum : Working Paper Series No. 201-240 (Dec. 2002).
https://search.emarefa.net/detail/BIM-148960
American Medical Association (AMA)
Umran, Muhammad. Initial and aftermarket performance of Egyptian share issue privatization. Economic Research Forum : Working Paper Series. 2002. Vol. 2002, no. 201-240.
https://search.emarefa.net/detail/BIM-148960
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references.
Record ID
BIM-148960