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The effect of ownership structure on the IPOs underpricing, evidence from the Moroccan initial price offerings
Dissertant
Thesis advisor
University
Al Akhawayn University
Faculty
The School of Business Administration
University Country
Morocco
Degree
Master
Degree Date
2008
English Abstract
IPO undepricing is a widely discussed phenomenon in the corporate finance field, either for developed and emerging markets.
When a company issue stocks for the first time to public investors, the issuance price tend to be lower than the real stock price (based on different valuation methods).
This results in a substantial price jump in the first day of trading.
What are the reasons behind this underpricing? The asymmetric information models and signaling theories are the most used explanation for this phenomenon.
This research will examine empirically the performance of Moroccan’s IPOs in order to identify the relationship between IPOs underpricing and the companies’ ownership structure.
The correlation between the two studied variables, known as the ownership structure and the IPO underpricing, will be tested using a non-parametric measure of correlation.
In this study, a model will be developed.
This model will test some of information asymmetry proxies applied to the Moroccan context.
Broadly speaking, the empirical results show an average market adjusted underpricing of 21.96% over the 25 new listing in the Casablanca Stock Exchange between 2004 and 2007.
Moreover, the study reveals a negative relationship between the ownership concentration (measured by the outstanding shares held by the top shareholder) and the degree of underpricing for Moroccan IPO.
Main Subjects
Financial and Accounting Sciences
Topics
No. of Pages
54
Table of Contents
Table of contents.
Abstract.
Chapter One : Introduction.
Chapter Two : Literature review.
Chapter Three : Data and methodology.
Chapter Four : Results.
Chapter Five : Conclusions and limitations.
References.
American Psychological Association (APA)
Hassani, Umar Muhammad Qadiri. (2008). The effect of ownership structure on the IPOs underpricing, evidence from the Moroccan initial price offerings. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-628408
Modern Language Association (MLA)
Hassani, Umar Muhammad Qadiri. The effect of ownership structure on the IPOs underpricing, evidence from the Moroccan initial price offerings. (Master's theses Theses and Dissertations Master). Al Akhawayn University. (2008).
https://search.emarefa.net/detail/BIM-628408
American Medical Association (AMA)
Hassani, Umar Muhammad Qadiri. (2008). The effect of ownership structure on the IPOs underpricing, evidence from the Moroccan initial price offerings. (Master's theses Theses and Dissertations Master). Al Akhawayn University, Morocco
https://search.emarefa.net/detail/BIM-628408
Language
English
Data Type
Arab Theses
Record ID
BIM-628408