The study provides empirical analysis of the initial and after-market short-run IPO returns over the period 1990-2009. The results show that firms on the Ghanaian stock market on average are under-priced on the initial trading day by 8.43%. The regression analysis also reveals that age, cost of debt, hot market, leverage and industry are the main determinant of under-pricing on the Ghanaian stock market.
SAMPSON VIVIAN ESUMANBA, ADDY FRANK KPANIE, BAWUAH BENARD. (2015) Firm Specific Determinants of Under-Pricing on the Ghana Stock Market, , Volume 4, Issue 1.
