Underpricing on initial public offerings: further evidence from the JSE

Master Thesis

2011

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http://hdl.handle.net/11427/11056
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thesis_com_2011_muller_m.pdf (724.21 KB)
Authors
Muller, Michael
Supervisors
Correia, Carlos
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University of Cape Town

Department
Department of Finance and Tax
Faculty
Faculty of Commerce
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Abstract
This paper provides evidence of the existence of IPO underpricing on the JSE between 2000 and 2008. Average underpricing over the period was found to be 17.1 percent (median: 9.4 percent). In line with the general global decline in first day returns following the end of the internet bubble period, average underpricing on the JSE has decreased relative to previous studies.
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Keywords
Financial Management

Reference:

Muller, M. 2011. Underpricing on initial public offerings: further evidence from the JSE. University of Cape Town.

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Masters