文章基本信息

标题：Price Behaviour Of New Share Listings In Nigeria
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作者：Olatunde Otaniyi ; Daniel Makina
期刊名称：International Business & Economics Research Journal
印刷版ISSN：1535-0754
电子版ISSN：2157-9393
出版年度：2010
卷号：9
期号：4
语种：English
出版社：The Clute Institute for Academic Research
摘要：The paper investigates whether new listings on the Nigerian Stock Exchange are under-priced or not. On aggregate, we find that investors are able to make abnormal gains from new listings on the first tier (main) market of the Nigerian Stock Exchange (NSE). Our analyses show that up to one year after listing the average differences of real share prices are positively significant to confirm the observation. The situation is however different in the second (emerging) tier market. Our analyses show that the real prices of newly listed shares in the second tier market do fall. Such an observation could, however, be attributed to thin trading of shares which phenomenon is characteristic of second tier markets. When we partition the data into pre-and post-deregulation periods, we observe under-pricing of new equity listings to have been severe during the pre-deregulation period, and hence more opportunity for abnormal gains. We find opportunities for making abnormal gains to be not as strong during the post-deregulation period. When the data is analysed on the basis of whether or not new listings are financial institution firms, some interesting patterns of price behaviour are found. While we observe possibilities of making abnormal gains in new listings of non-financial companies and insurance companies, these possibilities are absent in new listings of banking sector shares indicating that they are efficiently priced relative to those of other sectors.
关键词：Nigerian Stock Exchange;new share listings;under-pricing;abnormal gains;EMH;deregulation