The study provides empirical analysis of the initial and after-market short-run IPO returns over the period 1990-2009. The results show that firms on the Ghanaian stock market on average are under-priced on the initial trading day by 8.43%. The regression analysis also reveals that age, cost of debt, hot market, leverage and industry are the main determinant of under-pricing on the Ghanaian stock market. Key Words: IPO, Determinants, Ghana, Stock Market, Under-Pricing.
Alan : Sosyal, Beşeri ve İdari Bilimler
Dergi Türü : Uluslararası
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