-
Journal menu
- General information
- Editorial Board and External Reviewers
- Journal Policies
- Publication Ethics and Malpractice Statement
- Instructions for authors
- Paper reviewing
- Article processing charge
- Feedback from stakeholders
- Journal’s Open Access statement
- Order hard copies of the journal
- 50 most cited papers in the journal
INITIAL UNDERPRICING AND TRANSFER OF SHARES ON THE TUNISIAN STOCK EXCHANGE
Download This Article
Marjène Rabah Gana, Anis El Ammari 
Abstract
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.
Keywords: Initial Public Offerings, Initial Underpricing, Ownership Structure, Agency Theory, Entrenchment Theory
How to cite this paper: Rabah Gana, M., El Ammari, A. (2008). Initial underpricing and transfer of shares on the Tunisian stock exchange [Special issue]. Corporate Ownership & Control, 5(3-4), 434-444. https://doi.org/10.22495/cocv5i3c4p3
