Liquidity levels and the long-run performance of initial public offerings in South Africa

dc.contributor.advisorThaver, Kubenen
dc.contributor.emailichelp@gibs.co.zaen
dc.contributor.postgraduateChandran, Sangeethen
dc.date.accessioned2013-09-07T00:41:36Z
dc.date.available2012-09-19en
dc.date.available2013-09-07T00:41:36Z
dc.date.created2012-03-08en
dc.date.issued2011en
dc.date.submitted2012-06-24en
dc.descriptionDissertation (MBA)--University of Pretoria, 2011.en
dc.description.abstractThis study investigated the impact of the levels of liquidity of Initial Public Offering (IPO) stocks on the long-run performance of IPOs over a five year period. In addition the study sought to investigate if the levels of liquidity of IPO stock were significantly higher than non-IPO stock. The methodology used was the calendar time portfolio approach based on the Fama-French regression equation. The study found that over a five year period IPOs did not underperform or over-perform the market. In addition the study found that the liquidity levels of IPOs were not significantly higher than non-IPOs. While the lower liquidity levels help explain the fact that the IPOs did not underperform the market, they do not indicate the existence of a liquidity risk premium on the Johannesburg Stock Exchange (JSE).en
dc.description.availabilityunrestricteden
dc.description.departmentGordon Institute of Business Science (GIBS)en
dc.identifier.citationChandran, S 2011, Liquidity levels and the long-run performance of initial public offerings in South Africa, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/25806 >en
dc.identifier.otherF12/4/638/zwen
dc.identifier.upetdurlhttp://upetd.up.ac.za/thesis/available/etd-06242012-131758/en
dc.identifier.urihttp://hdl.handle.net/2263/25806
dc.language.isoen
dc.publisherUniversity of Pretoriaen_ZA
dc.rights© 2011, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria.en
dc.subjectUCTDen_US
dc.subjectUnderperformanceen
dc.subjectIpoen
dc.subjectLiquidity levelsen
dc.subjectCalendar time portfolio approachen
dc.titleLiquidity levels and the long-run performance of initial public offerings in South Africaen
dc.typeDissertationen

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