约翰内斯堡证券交易所(JSE)首次公开募股(ipo)的短期定价过低

IF 0.7 Q4 BUSINESS, FINANCE

Review of Development Finance Pub Date : 2012-07-01 DOI:10.1016/j.rdf.2012.10.001

Gillian van Heerden, Paul Alagidede

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引用次数: 33

摘要

首次公开发行(ipo)的定价过低是全球一级市场中观察到的异常现象之一，然而，其深度和广度因国家和行业而异。本研究是对约翰内斯堡证券交易所(JSE) ipo短期绩效的实证分析。利用2006年至2010年在JSE上市的138家南非ipo的数据，我们发现了显著的短期定价过低。对三大行业的行业分析表明，金融行业的IPO定价被低估的程度最大，这在2007年尤为明显。每年的分析也被记录下来。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Short run underpricing of initial public offerings (IPOs) in the Johannesburg Stock Exchange (JSE)

The underpricing of initial public offerings (IPOs) represents one of the anomalies observed in primary markets worldwide, however, the depth and breadth of it varies from country to country, and sector to sector. This study is an empirical analysis of short run performance of IPOs in the Johannesburg Stock Exchange (JSE). Using data for 138 South African IPOs that were listed on the JSE from 2006 to 2010, we found significant short run underpricing. A sector wise analysis of three broad sectors indicated that the financial sector had the largest IPO underpricing, particularly evident in 2007. The year-wise analysis is also documented.

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来源期刊

Review of Development Finance Economics, Econometrics and Finance-Finance

CiteScore

0.80

自引率

0.00%

发文量