Open AccessInitial underpricing and transfer of shares on the Tunisian stock exchange
Author(s) -
Marjène Rabah Gana,
Anis El Ammari
Publication year - 2008
Publication title -
corporate ownership and control
Language(s) - English
Resource type - Journals
eISSN - 1810-0368
pISSN - 1727-9232
DOI - 10.22495/cocv5i3c4p3
Subject(s) - shareholder , initial public offering , stock exchange , business , monetary economics , sample (material) , transfer (computing) , stock (firearms) , order (exchange) , financial economics , accounting , finance , economics , corporate governance , chemistry , geography , chromatography , parallel computing , computer science , archaeology
In this empirical study, the incidence of the shares transfers by the original shareholders on the degree of the initial underpricing is studied, using a sample of Tunisian candidates companies over the 1992-2006 period. Our empirical results make it possible to confirm the existence of a significant initial underpricing of about 19% and which depends closely on the behavior of shares transfer. More precisely, the original and the controlling shareholders, in order to limit the transfer of wealth towards the new shareholders, reduce the degree of IPO underpricing