Tunisian IPOs underpricing and long-run underperformance: Highlight and explanation
Yosra Mefteh Rekik and
Additional contact information
Yosra Mefteh Rekik: Faculty of Economics and Management of Sfax, Department of Financial and Accounting Methods
Younes Boujelbene: Faculty of Economics and Management of Sfax, Department of Applied Economy
E3 Journal of Business Management and Economics., 2013, vol. 4, issue 4, 093-104
This study provides evidence on both short-run and long-run performance of firms listed on the Tunisian Stock Market, using a sample of 40 Initial Public Offerings (IPOs) during the period 1992-2008. The factors explaining the performance are also investigated. The empirical results show that IPOs are significantly underpriced in the short-run and underperformed using both CAR and WR methods. We use the BVMT index (the market capitalization weighted index for the Tunisian Stock Exchange) as a proxy for the market index. On the basis of the multiple regression models, we have worked on testing the different possible explanations of short run underpricing and long run underperformance of Tunisian IPOs, relying on variables such as the market conditions, the characteristics of the firm and those related to the introduction in Stock Market.
Keywords: Initial Public Offerings; Short-run Underpricing; Long-run Underperformance. (search for similar items in EconPapers)
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
http://e3journals.org/cms/articles/1366994275_YOSRA%20et%20al.pdf Full text (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:etr:series:v:4:y:2013:i:4:p:093-104
Access Statistics for this article
More articles in E3 Journal of Business Management and Economics. from E3 Journals
Bibliographic data for series maintained by Andrew Godwin ().