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The Effects of Banking Relationship, Legal Origin, Private Equity and Lead Managers on the performance of West African IPO Firms

journal contribution
posted on 2023-06-08, 11:02 authored by Bruce Hearn
This paper examines the performance effects arising from initial primary offering (IPO) firms retaining their existing bank as a lead manager together with the effects of foreign and domestic lead managers, corporate insiders and private equity investors across West Africa. Using a unique and comprehensive sample of 37 locally listed IPO firm’s from acrossWest Africa, I find evidence of a considerable reduction in underpricing and costs of equity in firms listing on civil code as opposed to common law markets. Furthermore, I find evidence that firms employing their existing bank as lead manager have higher costs of equity while the employment of a foreign as opposed to domestic lead manager imparts a reduction in underpricing and cost of equity.

History

Publication status

  • Published

File Version

  • Published version

Journal

South African Journal of Economics

ISSN

0038-2280

Publisher

Economic Society of South Africa

Issue

4

Volume

79

Page range

430-451

Department affiliated with

  • Business and Management Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2012-04-23

First Compliant Deposit (FCD) Date

2012-02-24

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