PRICE BEHAVIOUR OF EGYPRIAN NEWLY ISSUED COMMON STOCKS
| المصدر: | المجلة العلمية للبحوث والدراسات التجارية |
|---|---|
| الناشر: | جامعة حلوان - كلية التجارة وإدارة الاعمال |
| المؤلف الرئيسي: | Hegazy, Zakaria Saad G. (Author) |
| المجلد/العدد: | ع1 |
| محكمة: | نعم |
| الدولة: |
مصر |
| التاريخ الميلادي: |
2007
|
| الصفحات: | 1 - 31 |
| رقم MD: | 661687 |
| نوع المحتوى: | بحوث ومقالات |
| اللغة: | الإنجليزية |
| قواعد المعلومات: | EcoLink |
| مواضيع: | |
| رابط المحتوى: |
عدد مرات التحميل
6
| المستخلص: |
This paper scrutinises both the initial and secondary market behaviour (measured by market-adjusted and risk-adjusted returns) on newly issued common stocks (NCSs) which offered to the public during 1996-2000 in Egypt. The sample includes 32 privatized NCSs between 1996-2000. All NCSs begin trading at Cairo Stock Exchange. The first day market-adjusted return from the offer price was 20.5%. Investors who could not buy at the offer price and purchased new issues at the first trading day’s closing price ended with -0.03 of their initial investment value after one year. The results support both the weak-form and semistrong-form of the Efficient Market Hypothesis of the New common stocks in the Egyptian Capital Market. The Egyptian NCSs behaved similar to the NCSs in other major international markets. |
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