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Publication Details
AFRICAN RESEARCH NEXUS
SHINING A SPOTLIGHT ON AFRICAN RESEARCH
economics, econometrics and finance
Underpricing and Aftermarket Performance of IPO Firms in Mauritius
Journal of Emerging Market Finance, Volume 2, No. 3, Year 2003
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Description
Initial public offering (IPO) financial strength measures are created to examine both the initial underpricing and aftermarket performance of firms in an emerging market. We find that the initial underpricing is positively related to financial strength as proxied by cash flow and sales. Since bond ratings do not exist in Mauritius, a return-to-risk meas ure and Altman's z-score serve as proxies for financial strength. Using these measures, the aftermarket performance results indicate that net income is more higbly valued for strong firms. When net income is separated into dividends and earnings retained, we find dividends are valued more highly than earnings retained for firms in Mauritius. © 2003, Sage Publications. All rights reserved.
Authors & Co-Authors
Gasbarro, Dominic
Australia, Perth
Murdoch Business School
Bundoo, Sunil Kumar
Mauritius, Reduit
University of Mauritius
Zumwalt, J. Kenton
United States, Fort Collins
Colorado State University
Statistics
Citations: 12
Authors: 3
Affiliations: 3
Identifiers
Doi:
10.1177/097265270300200303
ISSN:
09726527
Study Locations
Mauritius