The performance of the egyptian stock market
The phenomenon of underpricing initial public offerings IPOs is documented for 53 share issue privatizations SIPs in Egypt between and Over several intervals up to five yearsI find mixed results: SIPs sustain their positive performance and provide investors with positive abnormal returns over a one-year period, however; my results document negative abnormal returns over 3- and 5-year horizons. The initial excess returns are determined by ex-ante uncertainty and times offer subscribed, while the aftermarket abnormal returns over a one-year period are driven by ex-ante uncertainty and price-earning ratio.
However, over 3- and 5-year periods, abnormal returns are significantly affected by initial excess returns, price-earning ratio and, to a lesser extent, times offer subscribed. The empirical findings of this study are consistent with IPO markets in which investors are over-optimistic towards the performance of these issues but grow more pessimistic over time.
Omran, Mohammed, Initial and Aftermarket Performance of Share Issue Privatization in the Egyptian Stock Market. Subscribe to this fee journal for more curated articles on this topic. From State to Market: A Survey of Empirical Studies on Privatization. By Jeffry Netter and William Megginson. Enterprise Restructuring in Transition: By Simeon Djankov and Peter Murrell. State Versus Private Ownership.
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Mohammed Omran The Insurance Holding Company; Arab Academy for Science and Technology. Abstract The phenomenon of underpricing initial public offerings IPOs is documented for 53 share issue privatizations SIPs in Egypt between and Omran Contact Author The Insurance Holding Company email 7 Talet Herb Street Cairo Egypt.
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