Qualifying exam stock price behavior around IPOs in CSE

Dissertant

Bu Zayd, Farah

Thesis advisor

Derrabi, M.

University

Al Akhawayn University

Faculty

The School of Business Administration

University Country

Morocco

Degree

Master

Degree Date

2007

English Abstract

This paper studies stock price behavior around Initial Public Offerings in the Casablanca Stock Exchange (CSE).

It examines both the initial and aftermarket performance of the newly offered issues during 1997-2007.

The results support that the average initial return is positive with a mean around 26%.

The market outperformance decreases as the new issue increases in seasoning supporting the market efficiency theory.

However it was found also that the higher the initial performance the higher the long run underperformance which weakens the efficiency of the CSE.

The existence of market cycles was tested as well The paper provides some explanations to all these results that range from rational behaviors of issuers and underwriters to irrational behaviors of investors

Main Subjects

Financial and Accounting Sciences

Topics

• Securities
• Prices
• Stockholders
• Stocks
• Behaviour
• Morocco

No. of Pages

58

Table of Contents

• APA
• MLA
• AMA

Language

English

Data Type

Arab Theses

Record ID

BIM-626239