Explaining underpricing of IPOs in frontier markets: Evidence from the Nigeria Stock Exchange

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dc.contributor.authorAdjasi, C.K.D.
dc.contributor.authorOsei, K.A.
dc.contributor.authorFiawoyife, E.U.
dc.date.accessioned2019-05-08T12:18:17Z
dc.date.available2019-05-08T12:18:17Z
dc.date.issued2011-09
dc.description.abstractThe paper provides empirical analyses of IPO underpricing on the Nigerian Stock Exchange, from the period 1990 to 2006. The results indicate an average abnormal initial day returns of 43.1%. There is evidence of long-run underperformance of 0.6%. Results from our regression model explaining initial abnormal returns for the IPOs of Nigeria show that size of firm and audit quality are important variables affecting underpricing. The results also show the presence of a non-linear relationship between the offer price and underpricing. © 2011 Elsevier B.V.en_US
dc.identifier.otherhttps://doi.org/10.1016/j.ribaf.2011.01.005
dc.identifier.otherVolume 25, Issue 3,Pages 255-265
dc.identifier.urihttp://ugspace.ug.edu.gh/handle/123456789/29882
dc.language.isoenen_US
dc.publisherResearch in International Business and Financeen_US
dc.subjectAbnormal returnsen_US
dc.subjectAfricaen_US
dc.subjectIPOen_US
dc.subjectStock marketen_US
dc.subjectUncertaintyen_US
dc.subjectUnderpricingen_US
dc.titleExplaining underpricing of IPOs in frontier markets: Evidence from the Nigeria Stock Exchangeen_US
dc.typeArticleen_US

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