Equity financing of firms: a study of the underpricing of new issues of common stock in Nigeria
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | German |
| Veröffentlicht: |
Aachen
Shaker
1998
|
| Ausgabe: | Als Ms. gedr. |
| Schriftenreihe: | Berichte aus der Betriebswirtschaft
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Teilw. zugl.: Augsburg, Univ., Diss., 1996 u.d.T.: Anaere, Charles Ikechukwu: Die Börseneinführung von Aktien in Entwicklungs- und Industrieländern |
| Beschreibung: | XXI, 258 S. graph. Darst. |
| ISBN: | 3826557387 |
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| 250 | |a Als Ms. gedr. | ||
| 264 | 1 | |a Aachen |b Shaker |c 1998 | |
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| 490 | 0 | |a Berichte aus der Betriebswirtschaft | |
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Datensatz im Suchindex
| _version_ | 1804126921879977984 |
|---|---|
| adam_text | Contents
Preface
Foreword
1 Introduction 1
1.1 Scope of the Study 8
2 The Development of the Nigerian Capital
Market 10
2.1 The Securities and Exchange Commission
of Nigeria 11
2.2 The Nigerian Stock Exchange 19
2.3 Factors Responsible for the Growth of the
Nigerian Capital Market 21
2.4 Comparison with German Capital Market 23
2.5 The Nigerian Issuance Procedure 26
2.6 Features of the Nigerian Capital Market 35
2.6.1 The Main Securities Market 36
2.6.2 The Junior Market (Second Tier
Securities Market) 37
2.7 Comparison with American and German
Capital Markets 40
2.8 Regulation of the Nigerian Capital Market 42
2.9 Trading System and Participants in the
Stock Market 46
2.10 Pricing on the Stock Exchange 49
2.11 The Performance of the Nigerian Stock Market.... 53
IX
2.11.1 Capital Mobilization 54
2.11.2 Size of the Market 58
2.11.3 Access to Information 70
2.12 Summary 74
3 Review of Literature on IPO Returns 77
3.1 Asymmetric Information Hypothesis 78
3.2 Signalling Hypothesis 82
3.3 Lawsuit Avoidance Hypothesis 89
3.4 Reputation Hypothesis 93
3.5 Institutional Setting 97
3.6 Underpricing and Market Efficiency 103
3.7 Summary 112
4 Methodology and Research Design 114
4.1 The Hypotheses 114
4.2 Sample and Data Sources 115
4.3 Index for Market Performance Measurement 119
4.4 Estimation of IPOs Returns 112
4.5 The Event Study Methodology 125
5 Empirical Results 133
5.1 Introduction 133
5.2 Initial Abnormal Returns on the Main
Securities Market 134
5.2.1 Short Run Aftermarket Return and
Capital Market Efficiency 136
5.2.2 Long Run After Market Performace
X
and Capital market Efficiency 140
5.2.2.1 Long Run After Market
Performance of all IPOs 141
5.2.2.2 Long Run After Market Perfor¬
mance (IPOs with Third Year
Annivassary) 143
5.2.3 NSE lndex Adjusted Abnormal Ret¬
urns of IPOs 147
5.2.3.1 Initial Abnormal Returns
(NSE lndex Adjusted) 147
5.2.3.2 After Market Performance of
IPOs (NSE lndex Adjusted) 149
5.2.4 Cross Sectional and Time Series
Pattern of IPO Price Performance 152
5.2.4.1 Underpricing by Real Gross Proceeds... 154
5.2.4.2 After Market Performance by Real
Gross Proceeds 155
5.2.4.3 Underpricing by Industry Segment 157
5.2.4.4 After Market Performance by Indus¬
try Segment 158
5.2.4.5 Underpricing by Year of Issuance 161
5.2.4.6 After Market Performance by Year
of Issuance 166
5.3 Initial Abnormal Returns in the Junior Mar¬
ket (Second Tier Securities Market) 168
5.3.1 Initial Abnormal Returns in the Junior
Market 168
5.3.2 Short and Long Run Performance
of IPOs in the Junior Market 170
5.4 Analyses of Results 171
XI
5.4.1 IPO Underpricing and Primary Market
Efficiency 174
5.4.2 After Market Performance and Secon¬
dary Market Efficiency 176
5.4.3 Underpricing by Real Gross Proceeds ..178
5.4.4 Underpricing by Year of Issuance 179
5.4.5 Underpricing by Industry Segment 181
5.4.6 Underpricing by Market Segment 182
5.5 Relation Between Expected IPO Discount and
Ex Ante Uncertainty 183
6 International Comparative Analyses 191
6.1 Evidence of IPO Underpricing in Developed
Capital Markets 192
6.2 Evidence of IPO Underpricing in Emerging
Capital Markets 196
6.3 Effects of Institutional Setting on IPO
Underpricing 199
6.4 Contractual Agreement and IPO Underpricing.... 201
6.5 Firm s Specifics and IPO Underpricing 205
7 Summary and Conclusion 209
References 214
Appendix 239
List of Figures XIV
List of Tables XVI
List of Symbols XX
List of Abbreviations XXII
XII
List of Figures
Figure 2.1 Number of German and Nigerian Initial Public
Offerings (1977 1996) 25
Figure 2.2 Level of Subscription to Public Offerings
(1990 1995) 31
Figure 2.3 Contribution of New Issues to GFCF and
GDP (1990 1995) 58
Figure 2.4 Proportion of Shares Held by Each Sector
(1995) 60
Figure 2.5 Share Ownership by Category of Shareholders
(1993 1995) 61
Figure 5.1 Frequency Distribution Histogram of Average
Initial Returns 136
Figure 5.2 Cumulative Average Abnormal Returns for
the First Twelve Months of Seasoning 138
Figure 5.3 Cumulative Average Raw and Market Adjusted
Returns (Three Years) 145
Figure 5.4 NSE lndex and Market Adjusted Cumulative
Returns (Three Year) 151
Figure 5.5 Index of The Nigerian Stock Exchange
(NSE lndex) and the Equally Weighted
Market Index (1985 1996) 151
Figure 5.6 Average Initial Abnormal Returns by
Industry Segment 159
Figure 5.7 Yearly Average Initial Abnormal Returns
of IPOs (1963 1996) 167
Xlll
Figure 5.8 Linear Regression Model for the Initial
Returns and the IPO Gross Proceeds 188
Figure 5.9 Linear Regression model for the Initial
Returns and the Age of the Firm on the
Date of Offering 188
Figure 5.10 Linear Regression Model for the Initial
Returns and the Returns on the Market
prior to Initial Public Offerings 189
Figure 6.1 Average Initial Abnormal Returns of IPOs
in Six Developed Countries and Nigeria 195
Figure 6.2 Long Run Performance of IPOs in Selected
Developed Countries and Nigeria 195
Figure 6.3 Average Initial Abnormal Returns of IPOs
(Seven Emerging Markets and Nigeria) 198
XIV
List of Tables
Table 2.1 Number of Securities listed on the Nigerian
Stock Exchange (1961 1980) 23
Table 2.2 Subscription Level of New Issues Offering
on the Nigerian Stock Exchange
(1977 1995) 32
Table 2.3 Gross Fixed Capital Formation (at current
prices) 57
Table 2.4 Number of Securities Listed on the
Nigerian Stock Exchange (Cumulative
Value, 1961 1995) 62
Table 2.5 Securities Market Capitalisation and Turn¬
over Ratio (1980 1995) 63
Table 2.6 Securities Transactions on the Nigerian
Stock Exchange (1961 1995) 65
Table 2.7 Market Capitalisation of Securities of Selec¬
ted African Stock Markets (1982 1996) 67
Table 2.8 Market Capitalization of Selected Emerg¬
ing Capital Markets 68 69
Table 4.1 Industry Classification of Firms Listed on
the Main Market of the Nigerian Stock
Exchange 117
Table 4.2 Industry Classification of Firms Listed on
the Second Tier Securities Market 118
Table 5.1 First Day Initial Abnormal Returns of IPOs
on the Nigerian Stock Market (1961 1996) ...135
XV
Table 5.2 Average Abnormal Returns for the First
Three Months of Seasoning 137
Table 5.3 After Market Performance for the First
Twelve Months of Seasoning 139
Table 5.4 Cumulative Average Abnormal Returns of All
Initial Public Offerings 142
Table 5.5 Long Run After Market Performance
(IPOs with Third Year Anniversary) 144
Table 5.6 First Day NSE lndex Adjusted Returns
of IPOs 148
Table 5.7 NSE lndex Adjusted Abnormal Returns
(First Three Months of Seasoning) 149
Table 5.8 After Market Performance of NSE lndex
Adjusted Returns 150
Table 5.9 Initial Underpricing by Real Gross Proceeds ... 154
Table 5.10 Short and Long Run Performance by Real
Gross Proceeds 156
Table 5.11 Initial Abnormal Returns by Industry
Segment 158
Table 5.12 After Market Performance by Industry
Segment 160
Table 5.13A Initial Returns, Short and Long Run
Performance by Year of Issuance 164
Table 5.13B Initial Returns, Short and Long Run
Performance by Year of Issuance 165
Table 5.14 Initial Abnormal Returns of Aggregated
XVI
Periods 166
Table 5.15 First Day Abnormal Returns of IPO in the
Junior Securities Market 169
Table 5.16 Short and Long Run Performance of IPOs
in the Junior Securities Market 170
Table 5.17 Least Squares Regression Results 186
Table 6.1 Summary of Previous Studies on the Price
Performance of IPOs (Developed Capital
Markets and Nigeria) 193
Table 6.2 Summary of Previous Studies on the Price
Performance of IPOs (Emerging Capital
Markets and Nigeria) 197
Table i Monthly Average Exchange and Inflation
Rates (1970 1996) 239
Table ii Securities Transactions on the Nigerian
Stock Exchange (1961 1995) 240
Table iii New Issues, Market Capitalisation, Gross
Fixed Capital Formation and Gross Domestic
Product in Nigeria (1980 1995) 241
Table iv Average Abnormal Returns in Developed
Countries and Nigeria 242
Table v Average Abnormal Returns in Developing
Countries and Nigeria 243
Table vi Market Adjusted and Raw Cumulative
Abnormal Returns of All IPOs, Months 0 36,
(1961 1996) 244
Table vii Raw and Market Adjusted Abnormal Returns;
Cumulative Raw and Abnormal Returns
XVII
for Months 0 36, (1961 1996) 246
Table viii After Market Performance of NSE and
Market Adjusted Returns 248
Table ix Characteristics of New Issues Offering
Contracts 249
Table x Market Data on Selected Developed and
Emerging Capital Markets 251
Table xi Quoted Companies on the Main Securities
Market of the Nigerian Stock Exchange 253
Table xii Quoted Companies on the Junior Securities
Market of the Nigerian Stock Exchange 258
XVIII
|
| any_adam_object | 1 |
| author | Anaere, Charles Ikechukwu |
| author_facet | Anaere, Charles Ikechukwu |
| author_role | aut |
| author_sort | Anaere, Charles Ikechukwu |
| author_variant | c i a ci cia |
| building | Verbundindex |
| bvnumber | BV012295735 |
| classification_rvk | QK 650 |
| ctrlnum | (OCoLC)231783830 (DE-599)BVBBV012295735 |
| discipline | Wirtschaftswissenschaften |
| edition | Als Ms. gedr. |
| format | Book |
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| geographic_facet | Industriestaaten Entwicklungsländer Nigeria |
| id | DE-604.BV012295735 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:25:08Z |
| institution | BVB |
| isbn | 3826557387 |
| language | German |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-008337249 |
| oclc_num | 231783830 |
| open_access_boolean | |
| owner | DE-473 DE-BY-UBG DE-N2 DE-355 DE-BY-UBR DE-12 DE-384 DE-703 DE-20 |
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| physical | XXI, 258 S. graph. Darst. |
| publishDate | 1998 |
| publishDateSearch | 1998 |
| publishDateSort | 1998 |
| publisher | Shaker |
| record_format | marc |
| series2 | Berichte aus der Betriebswirtschaft |
| spelling | Anaere, Charles Ikechukwu Verfasser aut Equity financing of firms a study of the underpricing of new issues of common stock in Nigeria Charles Ikechukwu Anaere Als Ms. gedr. Aachen Shaker 1998 XXI, 258 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Berichte aus der Betriebswirtschaft Teilw. zugl.: Augsburg, Univ., Diss., 1996 u.d.T.: Anaere, Charles Ikechukwu: Die Börseneinführung von Aktien in Entwicklungs- und Industrieländern Preisbildung (DE-588)4047103-2 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Börsenzulassung (DE-588)4139166-4 gnd rswk-swf Emissionskurs (DE-588)4152077-4 gnd rswk-swf Going Public (DE-588)4219438-6 gnd rswk-swf Emerging Market (DE-588)4398432-0 gnd rswk-swf Industriestaaten (DE-588)4026840-8 gnd rswk-swf Entwicklungsländer (DE-588)4014954-7 gnd rswk-swf Nigeria (DE-588)4042300-1 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Nigeria (DE-588)4042300-1 g Börsenzulassung (DE-588)4139166-4 s Kapitalmarkt (DE-588)4029578-3 s DE-604 Entwicklungsländer (DE-588)4014954-7 g Emerging Market (DE-588)4398432-0 s Going Public (DE-588)4219438-6 s Emissionskurs (DE-588)4152077-4 s Preisbildung (DE-588)4047103-2 s Industriestaaten (DE-588)4026840-8 g HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008337249&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Anaere, Charles Ikechukwu Equity financing of firms a study of the underpricing of new issues of common stock in Nigeria Preisbildung (DE-588)4047103-2 gnd Kapitalmarkt (DE-588)4029578-3 gnd Börsenzulassung (DE-588)4139166-4 gnd Emissionskurs (DE-588)4152077-4 gnd Going Public (DE-588)4219438-6 gnd Emerging Market (DE-588)4398432-0 gnd |
| subject_GND | (DE-588)4047103-2 (DE-588)4029578-3 (DE-588)4139166-4 (DE-588)4152077-4 (DE-588)4219438-6 (DE-588)4398432-0 (DE-588)4026840-8 (DE-588)4014954-7 (DE-588)4042300-1 (DE-588)4113937-9 |
| title | Equity financing of firms a study of the underpricing of new issues of common stock in Nigeria |
| title_auth | Equity financing of firms a study of the underpricing of new issues of common stock in Nigeria |
| title_exact_search | Equity financing of firms a study of the underpricing of new issues of common stock in Nigeria |
| title_full | Equity financing of firms a study of the underpricing of new issues of common stock in Nigeria Charles Ikechukwu Anaere |
| title_fullStr | Equity financing of firms a study of the underpricing of new issues of common stock in Nigeria Charles Ikechukwu Anaere |
| title_full_unstemmed | Equity financing of firms a study of the underpricing of new issues of common stock in Nigeria Charles Ikechukwu Anaere |
| title_short | Equity financing of firms |
| title_sort | equity financing of firms a study of the underpricing of new issues of common stock in nigeria |
| title_sub | a study of the underpricing of new issues of common stock in Nigeria |
| topic | Preisbildung (DE-588)4047103-2 gnd Kapitalmarkt (DE-588)4029578-3 gnd Börsenzulassung (DE-588)4139166-4 gnd Emissionskurs (DE-588)4152077-4 gnd Going Public (DE-588)4219438-6 gnd Emerging Market (DE-588)4398432-0 gnd |
| topic_facet | Preisbildung Kapitalmarkt Börsenzulassung Emissionskurs Going Public Emerging Market Industriestaaten Entwicklungsländer Nigeria Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008337249&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT anaerecharlesikechukwu equityfinancingoffirmsastudyoftheunderpricingofnewissuesofcommonstockinnigeria |