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Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai
Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai
Mohammed Sani Abdulai
In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled …
10b5-1 Plans And Earnings Management By High-Level Executives, Joshua A. Thomas
10b5-1 Plans And Earnings Management By High-Level Executives, Joshua A. Thomas
CMC Senior Theses
Using historical firm financial and insider trading information, this paper examines whether high-level insiders manipulate earnings ahead of their own 10b5-1 equity transactions. The empirical evidence suggests that high-level executives appear to manipulate earnings through real activities such as abnormal discretionary expenditures and abnormal cash flows from operations to influence equity prices ahead of their own transactions under Rule 10b5-1. Evidence also suggests that executives appear to be unlikely to engage in earnings management through highly scrutinized means such as accruals. An interpretation of these results is that high-level executives may be using 10b5-1 plans as an offensive tool to …
Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai
Valuation, Pricing, And Performance Of Initial Public Offerings On The Ghana Stock Exchange, Mohammed Sani Abdulai
Walden Dissertations and Doctoral Studies
In recent years, the initial public offerings (IPOs) on the Ghana Stock Exchange (GSE) witnessed some level of undersubscriptions. The purpose of this research was to investigate the extent to which valuation, pricing, and performance of prior IPOs listed on the GSE contributed to this state of undersubscriptions. The research was informed by the valuation and pricing framework of Roosenboom. The research questions addressed whether IPOs on the GSE were under/overpriced and whether the projected and pre-issue financials were free from forecasting errors and earnings management. A cross-sectional, explanatory research design was employed to examine a dataset of 30 sampled …