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

dc.contributor.author	Adjasi, C.K.D.
dc.contributor.author	Osei, K.A.
dc.contributor.author	Fiawoyife, E.U.
dc.date.accessioned	2019-05-08T12:18:17Z
dc.date.available	2019-05-08T12:18:17Z
dc.date.issued	2011-09
dc.description.abstract	The 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.other	https://doi.org/10.1016/j.ribaf.2011.01.005
dc.identifier.other	Volume 25, Issue 3,Pages 255-265
dc.identifier.uri	http://ugspace.ug.edu.gh/handle/123456789/29882
dc.language.iso	en	en_US
dc.publisher	Research in International Business and Finance	en_US
dc.subject	Abnormal returns	en_US
dc.subject	Africa	en_US
dc.subject	IPO	en_US
dc.subject	Stock market	en_US
dc.subject	Uncertainty	en_US
dc.subject	Underpricing	en_US
dc.title	Explaining underpricing of IPOs in frontier markets: Evidence from the Nigeria Stock Exchange	en_US
dc.type	Article	en_US

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