Can small naïve investors infer information from equity offerings ? : evidence from the Mena Region
Dissertant
Thesis advisor
University
Al Akhawayn University
Faculty
The School of Business Administration
University Country
Morocco
Degree
Master
Degree Date
2010
English Abstract
This paper explores the information content in equity offerings across nine countries in the MENA region.
It distinguishes between five aspects of equity offerings, i.e.
the nature of offering (i.e.
IPO Vs.
SEO), the type of the offering (i.e.
Rights, Placements, and Offer for Sale), the size of issue (i.e.
Large issue Vs.
Small issue), the industry of issuer (i.e.
Financial issuer Vs.
Non-Financial issuer), and the type of the underwriter (i.e.
Foreign Vs.
Local).
We believe that each of these aspects contains different amount of information.
Documenting information content of these aspects of equity offering may provide an additional source of reliable information for small/naïve investors in emerging markets.
Our results show that, on average, Offer for Sale outperforms the Rights offering and the Placement offerings.
Contrary to our expectations, our results also show that issues underwritten by Foreign underwriters are followed by higher abnormal returns relative to those underwritten by Local underwriters.
In addition, we also report insignificant information content in the nature of offering and in the size of the issue.
Main Subjects
Financial and Accounting Sciences
Topics
No. of Pages
34
Table of Contents
Table of contents.
Abstract.
Chapter One : Introduction.
Chapter Two : Motivation and background.
Chapter Three : Data.
Chapter Four : Methodology.
Chapter Five : Conclusion.
References.
American Psychological Association (APA)
al-Bunamani, Asma. (2010). Can small naïve investors infer information from equity offerings ? : evidence from the Mena Region. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-626757
Modern Language Association (MLA)
al-Bunamani, Asma. Can small naïve investors infer information from equity offerings ? : evidence from the Mena Region. (Master's theses Theses and Dissertations Master). Al Akhawayn University. (2010).
https://search.emarefa.net/detail/BIM-626757
American Medical Association (AMA)
al-Bunamani, Asma. (2010). Can small naïve investors infer information from equity offerings ? : evidence from the Mena Region. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-626757
Language
English
Data Type
Arab Theses
Record ID
BIM-626757