Full Text Available
Note: Clicking the button above will open the full text document at the original institutional repository in a new window.
The long run performance of initial public offerings in South Africa
Dissertation (MBA)--University of Pretoria, 2010.
Saved in:
| Other Authors: | |
|---|---|
| Format: | Thesis |
| Published: |
University of Pretoria
2013
|
| Subjects: | |
| Tags: |
No Tags, Be the first to tag this record!
|
| _version_ | 1867613680940613632 |
|---|---|
| access_status_str | Open Access |
| author2 | Gunn, Ralph |
| author_browse | Gunn, Ralph |
| author_facet | Gunn, Ralph |
| collection | Thesis |
| dc_rights_str_mv | © 2010, 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 |
| description | Dissertation (MBA)--University of Pretoria, 2010. |
| format | Thesis |
| id | oai:repository.up.ac.za:2263/23741 |
| institution | University of Pretoria (South Africa) |
| last_indexed | 2026-06-10T12:40:00.333Z |
| license_str | Other — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UPSpace — University of Pretoria Institutional Repository |
| publishDate | 2013 |
| publishDateRange | 2013 |
| publishDateSort | 2013 |
| publisher | University of Pretoria |
| publisherStr | University of Pretoria |
| record_format | dspace |
| source_str | UPSpace — University of Pretoria Institutional Repository |
| spelling | oai:repository.up.ac.za:2263/23741 The long run performance of initial public offerings in South Africa Gunn, Ralph ichelp@gibs.co.za Govindasamy, Prabeshan UCTD Long run performance Ipo Dissertation (MBA)--University of Pretoria, 2010. The current research was undertaken to determine the long run performance of Initial Public Offerings (IPOs) listed on the Johannesburg Stock Exchange (JSE) in South Africa. The three year abnormal returns were assessed for IPOs listed between 1995 and 2006 comprising a sample of 229. Using the Buy and Hold Abnormal Return (BHAR) and Cumulative Abnormal Return (CAR) methods, it was found that the IPOs underperformed the market by 50% and 47% for BHAR and CAR respectively. The JSE All Share Index was used as a benchmark. The research also investigated the effect of firm size on IPO performance. The relationship between IPO activity and performance was analysed as well as the performance of IPOs from different sectors. Gross proceeds of the offers were used as a proxy for firm size and it was shown that by splitting the sample into different size groups, there were significant differences between the returns from these groups. There was no relationship found between IPO activity and performance using a linear regression. Using an Analysis of Variance (ANOVA) it was determined that there were significant differences between the performance of IPOs in the different sectors of technology, industrials, financials and mining. Copyright Gordon Institute of Business Science (GIBS) unrestricted 2013-09-06T15:51:06Z 2011-05-11 2013-09-06T15:51:06Z 2011-04-20 2010 2011-04-03 Dissertation Govindasamy, P 2010, The long run performance of initial public offerings in South Africa, MBA dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://hdl.handle.net/2263/23741 > F11/102/ag http://hdl.handle.net/2263/23741 http://upetd.up.ac.za/thesis/available/etd-04032011-155322/ © 2010, 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 application/pdf University of Pretoria |
| spellingShingle | UCTD Long run performance Ipo The long run performance of initial public offerings in South Africa |
| title | The long run performance of initial public offerings in South Africa |
| title_full | The long run performance of initial public offerings in South Africa |
| title_fullStr | The long run performance of initial public offerings in South Africa |
| title_full_unstemmed | The long run performance of initial public offerings in South Africa |
| title_short | The long run performance of initial public offerings in South Africa |
| title_sort | long run performance of initial public offerings in south africa |
| topic | UCTD Long run performance Ipo |
| url | http://hdl.handle.net/2263/23741 http://upetd.up.ac.za/thesis/available/etd-04032011-155322/ |